Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 …€¦ · 10492 Boynton Dr 192 Units / 3 Stories Owner: Cardone Enterprises Rent/SF $1.25,Vacancy 10.4% Lake Worth

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

-The Floridian Apartments

60 537 $802 $952 - - $1.764611 S Congress Ave

1 1964

-Village at Lake Osborne

118 775 - $1,040 $1,325 - $1.582430 Lake Worth Rd

2 2017

-The Abbey at Northlake

520 775 - $995 $1,242 $1,334 $1.562304 N Congress Ave

3 1987

-The Village at Lake Worth

216 780 - $1,145 $1,305 $1,404 $1.542220 Lake Worth Rd

4 2015

-The Hatteras Apartments

72 630 $775 $953 $1,075 - $1.53405-526 SE 20th Ave

5 1979

-Greengate Apartments

119 592 - $889 $1,027 - $1.512357 Greengate Cir

6 1987

-Avesta Costa Del Lago

218 812 - $1,051 $1,185 $1,521 $1.502508 10th Ave N

7 1972

-Indigo Palms Villas

57 328 $974 $941 $1,150 - $1.384011 36th Ct

8 1985

-Avesta Coronado Springs

314 717 - $920 $1,155 - $1.37550 Kirk Rd

9 1971

-Springtree Apartments

72 626 - $831 $996 - $1.374772 Wedgewood Way

10 1982

-Lake Worth One

51 713 - $904 $981 $1,290 $1.281302-1402 S Federal Hwy

1956

-Heron Pointe Apartments

192 1,020 - $1,050 $1,286 $1,468 $1.2510492 Boynton Dr

11 1988

-Marina Bay

192 794 - $829 $1,003 $1,164 $1.142400 Lantana Rd

12 2001

-Indian Trace Apartments

330 970 - $901 $1,069 $1,232 $1.101000 Indian Trace Cir

13 2003

-Boynton Bay Apartments…

240 897 - $793 $953 $1,101 $1.07499 Boynton Bay Cir

14 1991

-Village at Delray

144 1,006 - $800 $954 $1,110 $0.99695 Auburn Ave

15 2011

-Palms West Apartments

290 1,066 - $620 $750 $780 $0.701551 Quail Dr

16 1995

-Palm Gardens Apartments

80 1,204 - - $433 $527 $0.401710 4th Ave N

17 2008

2/27/2018Copyrighted report licensed to The Goldstein Group - 756170.

Page 7

gldst

Rectangle

The Abbey at Northlake2304 N Congress Ave

520 Units / 2 Stories

Owner: Joe Ciccarello;Abbey Resi…

Rent/SF $1.56, Vacancy 5.4%

3Village at Lake Osborne2430 Lake Worth Rd


Owner: AHS Development Group


2The Floridian Apartments4611 S Congress Ave


Owner: The Alexander Group NJ, L…


1

Greengate Apartments2357 Greengate Cir

119 Units / 1 Story

Owner: Elon Property Management


6The Hatteras Apartments405-526 SE 20th Ave


Owner: Pentium Properties


5The Village at Lake Worth2220 Lake Worth Rd


Owner: AHS Development Group


4

Avesta Coronado Springs550 Kirk Rd


Owner: Avesta Homes


9Indigo Palms Villas4011 36th Ct

57 Units / 1 Story

Owner: -


8Avesta Costa Del Lago2508 10th Ave N


Owner: Avesta Homes


7


Page 8

Heron Pointe Apartments10492 Boynton Dr


Owner: Cardone Enterprises


11Lake Worth One1302-1402 S Federal Hwy


Owner: Kevin Dhillon


Subject Property

Springtree Apartments4772 Wedgewood Way

72 Units / 1 Story

Owner: Reliance Capital Group


10

Boynton Bay Apartments499 Boynton Bay Cir


Owner: Auburn Communities


14Indian Trace Apartments1000 Indian Trace Cir


Owner: -


13Marina Bay2400 Lantana Rd


Owner: Southport Financial Services


12

Palm Gardens1710 4th Ave N


Owner: Cambridge Management Inc.


17Palms West Apartments1551 Quail Dr


Owner: Southport Financial Services


16Village at Delray695 Auburn Ave


Owner: PNC Financial Services Gr…


15


Page 9

1 4611 S Congress Ave - The Floridian ApartmentsLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

The Floridian Apartments

(561) 965-8616

PROPERTY

2.4 Miles

Property Size: 60 Units, 2 Floors

Avg. Unit Size: 538 SF

Year Built: 1964

Type: Apartments - All

Rent Type:

Parking: 110 Spaces; 1.8 per Unit

Distance to Subject:

Distance to Transit: -

Market

OWNER

Purchased Nov 2015

$4,200,000 ($70,000/Unit)

UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

Unit Mix Availability Avg Asking Rent Avg Effective Rent

UNIT BREAKDOWN

Studio 1 300 3 5.0% 0 0.0% $802 $2.67 $794 $2.65 1.0%

1 1 550 57 95.0% 1 1.8% $952 $1.73 $897 $1.63 5.8%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

All Studios 300 3 5.0% 0 0.0% $802 $2.67 $794 $2.65 1.0%

All 1 Beds 550 57 95.0% 1 1.8% $952 $1.73 $897 $1.63 5.8%

Totals 538 60 100% 1 1.7% $945 $1.76 $892 $1.66 5.6%

Updated February 16, 2018Estimate

SITE AMENITIES

Furnished Units Available

UNIT AMENITIES

Air Conditioning, Cable Ready, Heating, Tile Floors

RECURRING EXPENSES

Free Water, Trash Removal

ONE TIME EXPENSES

Application Fee $75

PET POLICY

No Pets Allowed


Page 10

2 2430 Lake Worth Rd - Village at Lake OsborneLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

AHS - Village at Lake Osborne

(561) 660-8184

PROPERTY

2.2 Miles



Year Built: Jan 2017


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 620 40 33.9% 1 2.5% $1,040 $1.68 $1,040 $1.68 0.0%

2 2 855 78 66.1% 2 2.6% $1,325 $1.55 $1,269 $1.48 4.2%


All 1 Beds 620 40 33.9% 1 2.5% $1,040 $1.68 $1,040 $1.68 0.0%

All 2 Beds 855 78 66.1% 2 2.6% $1,325 $1.55 $1,269 $1.48 4.2%

Totals 775 118 100% 3 2.5% $1,228 $1.58 $1,191 $1.54 3.0%


SITE AMENITIES

Bilingual, Controlled Access, Fitness Center, Pool, Public Transportation

UNIT AMENITIES

Air Conditioning, Attic, Cable Ready, Dishwasher, Disposal, Hardwood Floors, Kitchen, Microwave, Patio, Range, Refrigerator, Tub/Shower,Washer/Dryer, Window Coverings

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Trash Removal

ONE TIME EXPENSES

Admin Fee $200 Application Fee $75

PET POLICY

No Pets Allowed


Page 11

3 2304 N Congress Ave - The Abbey at NorthlakeWest Palm Beach, Florida - West Palm Beach Neighborhood

PROPERTY MANAGER

Abbey - The Abbey at Northlake

(561) 863-5050

PROPERTY

13.0 Miles



Year Built: 1987 Renov Sep 2015


Rent Type:




Market

OWNER

Purchased Apr 2014

$22,500,000 ($43,269/Unit)



UNIT BREAKDOWN

1 1 650 168 32.3% 1 0.6% $995 $1.53 $989 $1.52 0.6%

2 2 784 100 19.2% 3 3.0% $1,242 $1.58 $1,191 $1.52 4.1%

3 2 800 160 30.8% 1 0.6% $1,295 $1.62 $1,241 $1.55 4.1%

3 2 950 92 17.7% 2 2.2% $1,402 $1.48 $1,344 $1.41 4.1%


All 1 Beds 650 168 32.3% 1 0.6% $995 $1.53 $989 $1.52 0.6%

All 2 Beds 784 100 19.2% 3 3.0% $1,242 $1.58 $1,191 $1.52 4.1%

All 3 Beds 855 252 48.5% 3 1.2% $1,334 $1.56 $1,279 $1.50 4.1%

Totals 775 520 100% 7 1.4% $1,207 $1.56 $1,168 $1.51 3.2%


SITE AMENITIES

Basketball Court, Business Center, Clubhouse, Controlled Access, Fitness Center, Gated, Grill, Laundry Facilities, Laundry Service, Lounge,Maintenance on site, Package Service, Picnic Area, Playground, Pool, Property Manager on Site, Sundeck, Waterfront

UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Den, Dining Room, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, Heating,Kitchen, Range, Refrigerator, Stainless Steel Appliances, Tub/Shower, Views, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, WheelchairAccessible (Rooms), Window Coverings

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Trash Removal, Cable

ONE TIME EXPENSES

Dog Fee $400 Cat Fee $400 Admin Fee $150

Application Fee $50

PET POLICY

Cats Allowed - Pet Interview Required, 2 Maximum, Maximum Weight 30 lb, One-Time Fee: $400Restrictions: The Abbey at Northlake is a pet friendly community. We allow two pets per home providing the following criteria are met. Pets areaccepted with management approval - breed & weight restrictions apply. A pet agreement must be filled out and signed forDogs Allowed - Pet Interview Required, 2 Maximum, Maximum Weight 75 lb, One-Time Fee: $400Restrictions: The Abbey at Northlake is a pet friendly community. We allow two pets per home providing the following criteria are met. Pets areaccepted with management approval - breed & weight restrictions apply. A pet agreement must be filled out and signed for


Page 12

4 2220 Lake Worth Rd - The Village at Lake WorthLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

AHS - The Village at Lake Worth

(561) 530-4272

PROPERTY

2.0 Miles



Year Built: Feb 2015


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 700 150 69.4% 0 0.0% $1,145 $1.64 $1,145 $1.64 0.0%

2 2 900 52 24.1% 1 1.9% $1,305 $1.45 $1,305 $1.45 0.0%

3 2 1,200 14 6.5% 0 0.0% $1,404 $1.17 $1,404 $1.17 0.0%


All 1 Beds 700 150 69.4% 0 0.0% $1,145 $1.64 $1,145 $1.64 0.0%

All 2 Beds 900 52 24.1% 1 1.9% $1,305 $1.45 $1,305 $1.45 0.0%

All 3 Beds 1,200 14 6.5% 0 0.0% $1,404 $1.17 $1,404 $1.17 0.0%

Totals 781 216 100% 1 0.5% $1,200 $1.54 $1,200 $1.54 0.0%


SITE AMENITIES

Bike Storage, Fitness Center, Grill, Package Service, Playground, Pool, Property Manager on Site, Waterfront, Wi-Fi at Pool and Clubhouse

UNIT AMENITIES

Air Conditioning, Balcony, Granite Countertops, Kitchen, Stainless Steel Appliances, Washer/Dryer, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25 Assigned Surface Lot Parking $0


ONE TIME EXPENSES

Dog Deposit $150 Cat Deposit $150 Dog Fee $150

Cat Fee $150 Admin Fee $200 Application Fee $75

PET POLICY

No Pets Allowed


Page 13

5 405-526 SE 20th Ave - The Hatteras ApartmentsBoynton Beach, Florida - Outer Boynton Beach Neighborhood

PROPERTY MANAGER

The Hatteras Apartments

(908) 654-8889

PROPERTY

6.2 Miles



Year Built: 1979


Rent Type:




Market

OWNER

Purchased Jul 2015

$6,200,000 ($86,111/Unit)



UNIT BREAKDOWN

Studio 1 380 9 12.5% 1 11.1% $775 $2.04 $767 $2.02 1.0%

1 1 590 43 59.7% 3 7.0% $953 $1.61 $946 $1.60 0.7%

2 1 830 20 27.8% 1 5.0% $1,075 $1.30 $1,067 $1.29 0.7%


All Studios 380 9 12.5% 1 11.1% $775 $2.04 $767 $2.02 1.0%

All 1 Beds 590 43 59.7% 3 7.0% $953 $1.61 $946 $1.60 0.7%

All 2 Beds 830 20 27.8% 1 5.0% $1,075 $1.30 $1,067 $1.29 0.7%

Totals 630 72 100% 5 6.9% $964 $1.53 $957 $1.52 0.8%


SITE AMENITIES

Laundry Facilities, Pool

UNIT AMENITIES

Air Conditioning, Heating, Kitchen, Refrigerator

RECURRING EXPENSES

Free Water, Trash Removal, Sewer

ONE TIME EXPENSES

Application Fee $35


Page 14

6 2357 Greengate Cir - Greengate ApartmentsWest Palm Beach, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

Elon - Greengate Apartments

(561) 472-5021

PROPERTY

5.5 Miles



Year Built: 1987


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 576 112 94.1% 1 0.9% $889 $1.54 $886 $1.54 0.3%

2 1 864 3 2.5% 0 0.0% $995 $1.15 $991 $1.15 0.3%

2 2 864 4 3.4% 0 0.0% $1,051 $1.22 $1,048 $1.21 0.3%


All 1 Beds 576 112 94.1% 1 0.9% $889 $1.54 $886 $1.54 0.3%

All 2 Beds 864 7 5.9% 0 0.0% $1,027 $1.19 $1,023 $1.18 0.3%

Totals 593 119 100% 1 0.8% $897 $1.51 $894 $1.51 0.3%


SITE AMENITIES

24 Hour Availability, Furnished Units Available, Laundry Facilities, Playground, Pool, Property Manager on Site, Storage Space

UNIT AMENITIES

Air Conditioning, Balcony, Built-In Bookshelves, Ceiling Fans, Dishwasher, Heating, High Speed Internet Access, Linen Closet, Patio, StorageUnits, Vaulted Ceiling, Views, Washer/Dryer Hookup

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Water

ONE TIME EXPENSES

Admin Fee $125 Application Fee $50 Move-In Fee $299

PET POLICY

Cats AllowedDogs Allowed


Page 15

7 2508 10th Ave N - Avesta Costa Del LagoLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

Avesta - Avesta Costa del Lago

(561) 232-3805

PROPERTY

2.7 Miles



Year Built: 1972


Rent Type:




Market

OWNER

Purchased Jul 2013

$13,250,000 ($60,780/Unit)



UNIT BREAKDOWN

1 1 654 35 16.1% 1 2.9% $1,051 $1.61 $1,004 $1.54 4.5%

2 1 800 148 67.9% 1 0.7% $1,185 $1.48 $1,134 $1.42 4.3%

3 2 1,025 35 16.1% 0 0.0% $1,521 $1.48 $1,471 $1.44 3.3%


All 1 Beds 654 35 16.1% 1 2.9% $1,051 $1.61 $1,004 $1.54 4.5%

All 2 Beds 800 148 67.9% 1 0.7% $1,185 $1.48 $1,134 $1.42 4.3%

All 3 Beds 1,025 35 16.1% 0 0.0% $1,521 $1.48 $1,471 $1.44 3.3%

Totals 813 218 100% 2 0.9% $1,217 $1.50 $1,167 $1.44 4.1%


SITE AMENITIES

Bilingual, Cabana, Clubhouse, Corporate Suites, Grill, Laundry Facilities, Laundry Service, Pet Play Area, Picnic Area, Playground, Pool,Property Manager on Site, Waterfront

UNIT AMENITIES

Air Conditioning, Balcony, Cable Ready, Carpet, Crown Molding, Dishwasher, Disposal, Patio, Refrigerator, Views, Walk-In Closets,Washer/Dryer, Washer/Dryer Hookup, Window Coverings

RECURRING EXPENSES

Dog Rent $10 Cat Rent $10 Unassigned Surface Lot Parking $0

Free Trash Removal

ONE TIME EXPENSES


Application Fee $75

PET POLICY

Cats Allowed - $10/Mo, 2 Maximum, Maximum Weight 40 lb, One-Time Fee: $200Dogs Allowed - $10/Mo, 2 Maximum, Maximum Weight 40 lb, One-Time Fee: $200Restrictions: Breed restrictions may apply


Page 16

8 4011 36th Ct - Indigo Palms VillasWest Palm Beach, Florida - West Palm Beach Neighborhood

PROPERTY MANAGER

Indigo Palms Villas

(561) 215-1031

PROPERTY

10.4 Miles



Year Built: 1985


Rent Type:




Market

OWNER

Purchased Apr 2014

$2,600,000 ($45,614/Unit)



UNIT BREAKDOWN

Studio 1 325 6 10.5% 1 16.7% $732 $2.25 $726 $2.23 0.9%

Studio 1 700 6 10.5% 1 16.7% $1,216 $1.74 $1,205 $1.72 0.9%

1 1 - 29 50.9% 4 13.8% $956 - $946 - 1.0%

1 1 700 7 12.3% 1 14.3% $877 $1.25 $868 $1.24 1.0%

2 1 - 2 3.5% 0 0.0% $1,163 - $1,153 - 0.9%

2 1 1,100 7 12.3% 1 14.3% $1,146 $1.04 $1,136 $1.03 0.9%


All Studios 513 12 21.1% 2 16.7% $974 $1.90 $965 $1.88 0.9%

All 1 Beds 700 36 63.2% 5 13.9% $941 $1.25 $931 $1.24 1.0%

All 2 Beds 1,100 9 15.8% 1 11.1% $1,150 $1.04 $1,139 $1.03 0.9%

Totals 721 57 100% 8 14.0% $981 $1.38 $971 $1.37 1.0%


SITE AMENITIES

24 Hour Availability, Fenced Lot, Laundry Facilities, Property Manager on Site, Video Patrol, Waterfront

UNIT AMENITIES

Air Conditioning, Heating, Oven, Refrigerator

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES

Dog Fee $100 Cat Fee $100

PET POLICY

Cats Allowed - 1 Maximum, One-Time Fee: $100Restrictions: small w/ restrictionsDogs Allowed - 1 Maximum, Maximum Weight 30 lb, One-Time Fee: $100Restrictions: small w/ restrictions


Page 17

9 550 Kirk Rd - Avesta Coronado SpringsLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

Avesta - Coronado Springs

(561) 245-7118

PROPERTY

4.6 Miles



Year Built: 1971


Rent Type:




Market

OWNER

Purchased Apr 2014

$18,110,000 ($57,675/Unit)



UNIT BREAKDOWN

1 1 625 127 40.4% 1 0.8% $905 $1.45 $897 $1.44 0.9%

1 1 670 100 31.8% 2 2.0% $940 $1.40 $932 $1.39 0.9%

2 1.5 868 44 14.0% 1 2.3% $1,138 $1.31 $1,129 $1.30 0.8%

2 1.5 950 43 13.7% 1 2.3% $1,172 $1.23 $1,163 $1.22 0.8%


All 1 Beds 645 227 72.3% 3 1.3% $920 $1.43 $912 $1.41 0.9%

All 2 Beds 909 87 27.7% 2 2.3% $1,155 $1.27 $1,146 $1.26 0.8%

Totals 718 314 100% 5 1.6% $985 $1.37 $977 $1.36 0.8%


SITE AMENITIES

24 Hour Availability, Business Center, Clubhouse, Courtyard, Fitness Center, Grill, Laundry Facilities, Package Service, Pet Play Area, PicnicArea, Playground, Pool, Property Manager on Site, Sundeck, Tennis Court, Wi-Fi at Pool and Clubhouse

UNIT AMENITIES

Air Conditioning, Balcony, Barbecue Area, Cable Ready, Carpet, Heating, Patio, Refrigerator, Tile Floors, Views, Walk-In Closets, Wi-Fi, WindowCoverings

RECURRING EXPENSES

Dog Rent $10 Cat Rent $10 Free Trash Removal

ONE TIME EXPENSES


Application Fee $75

PET POLICY

Cats Allowed - $10/Mo, 2 Maximum, Maximum Weight 45 lb, One-Time Fee: $250Dogs Allowed - $10/Mo, 2 Maximum, Maximum Weight 45 lb, One-Time Fee: $250Restrictions: Non Aggressive breeds


Page 18

10 4772 Wedgewood Way - Springtree ApartmentsWest Palm Beach, Florida - West Palm Beach Neighborhood

PROPERTY MANAGER

Elon - Springtree Apartments

(561) 246-6687

PROPERTY

8.1 Miles



Year Built: 1982


Rent Type:




Market

OWNER

Purchased Sep 2006

$5,265,000 ($73,125/Unit)



UNIT BREAKDOWN

1 1 576 60 83.3% 2 3.3% $831 $1.44 $827 $1.44 0.5%

2 1 876 12 16.7% 1 8.3% $996 $1.14 $987 $1.13 0.9%


All 1 Beds 576 60 83.3% 2 3.3% $831 $1.44 $827 $1.44 0.5%

All 2 Beds 876 12 16.7% 1 8.3% $996 $1.14 $987 $1.13 0.9%

Totals 626 72 100% 3 4.2% $858 $1.37 $853 $1.36 0.6%


SITE AMENITIES

24 Hour Availability, Laundry Facilities, Property Manager on Site, Storage Space

UNIT AMENITIES

Air Conditioning, Balcony, Ceiling Fans, Dishwasher, Eat-in Kitchen, Garden, Heating, High Speed Internet Access, Linen Closet, Patio, StorageUnits, Vaulted Ceiling, Washer/Dryer Hookup

ONE TIME EXPENSES

Application Fee $50

PET POLICY

Others Allowed


Page 19

11 10492 Boynton Dr - Heron Pointe ApartmentsBoynton Beach, Florida - Outer Royal Palm Beach/Wellington Neighborhood

PROPERTY MANAGER

Bridge - Heron Pointe

(561) 369-1206

PROPERTY

7.1 Miles


Avg. Unit Size: 1,020 SF

Year Built: 1988


Rent Type:




Market

OWNER

Purchased Feb 2017

$30,205,000 ($157,318/Unit)



UNIT BREAKDOWN

1 1 685 39 20.3% 1 2.6% $1,050 $1.53 $1,008 $1.47 4.0%

2 1 920 9 4.7% 0 0.0% $1,215 $1.32 $1,113 $1.21 8.4%

2 2 930 48 25.0% 1 2.1% $1,265 $1.36 $1,159 $1.25 8.4%

2 2 1,116 57 29.7% 1 1.8% $1,315 $1.18 $1,205 $1.08 8.4%

3 2 1,350 39 20.3% 1 2.6% $1,468 $1.09 $1,426 $1.06 2.9%


All 1 Beds 685 39 20.3% 1 2.6% $1,050 $1.53 $1,008 $1.47 4.0%

All 2 Beds 1,022 114 59.4% 2 1.8% $1,286 $1.26 $1,179 $1.15 8.4%

All 3 Beds 1,350 39 20.3% 1 2.6% $1,468 $1.09 $1,426 $1.06 2.9%

Totals 1,020 192 100% 4 2.1% $1,275 $1.25 $1,194 $1.17 6.3%


SITE AMENITIES

Car Wash Area, Clubhouse, Fitness Center, Laundry Facilities, Package Service, Playground, Pool, Property Manager on Site, Renters InsuranceProgram, Tennis Court, Waterfront

UNIT AMENITIES

Air Conditioning, Balcony, Carpet, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Patio, Refrigerator, Smoke Free, Views,Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25

ONE TIME EXPENSES


Application Fee $80

PET POLICY

Cats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $500Dogs Allowed - $25/Mo, 2 Maximum, Maximum Weight 70 lb, One-Time Fee: $500Restrictions: Breed Restrictions


Page 20

12 2400 Lantana Rd - Marina BayLake Worth, Florida - Outer Boynton Beach Neighborhood

PROPERTY MANAGER

Services Taylor Made - Marina Bay

(561) 432-1515

PROPERTY

2.1 Miles



Year Built: 2001


Rent Type:




Affordable

OWNER

Purchased Dec 2017

$15,850,000 ($82,552/Unit)



UNIT BREAKDOWN

1 1 680 120 62.5% 3 2.5% $829 $1.22 $825 $1.21 0.5%

2 2 951 60 31.3% 2 3.3% $1,003 $1.05 $998 $1.05 0.5%

3 2 1,157 12 6.3% 1 8.3% $1,164 $1.01 $1,153 $1.00 0.9%


All 1 Beds 680 120 62.5% 3 2.5% $829 $1.22 $825 $1.21 0.5%

All 2 Beds 951 60 31.3% 2 3.3% $1,003 $1.05 $998 $1.05 0.5%

All 3 Beds 1,157 12 6.3% 1 8.3% $1,164 $1.01 $1,153 $1.00 0.9%

Totals 795 192 100% 6 3.1% $904 $1.14 $899 $1.13 0.5%

Updated January 03, 2016Estimate

SITE AMENITIES

Business Center, Clubhouse, Elevator, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Package Service, Playground, Pool,Property Manager on Site, Sundeck

UNIT AMENITIES

Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Range,Tile Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Gas, Water, Trash Removal

ONE TIME EXPENSES

Dog Fee $300 Cat Fee $300 Application Fee $40

PET POLICY

Cats Allowed - 2 Maximum, One-Time Fee: $300Dogs Allowed - 2 Maximum, Maximum Weight 30 lb, One-Time Fee: $300


Page 21

13 1000 Indian Trace Cir - Indian Trace ApartmentsWest Palm Beach, Florida - Outer Palm Beach Gardens/Jupiter Neighborhood

PROPERTY MANAGER

Cornerstone - Indian Trace Apartments

(561) 842-9500

PROPERTY

12.7 Miles



Year Built: 2003


Rent Type:

Parking: -



Affordable

OWNER

-



UNIT BREAKDOWN

1 1 700 100 30.3% 3 3.0% $901 $1.29 $897 $1.28 0.5%

2 2 1,000 129 39.1% 4 3.1% $1,069 $1.07 $1,064 $1.06 0.5%

3 2 1,200 101 30.6% 4 4.0% $1,232 $1.03 $1,225 $1.02 0.6%


All 1 Beds 700 100 30.3% 3 3.0% $901 $1.29 $897 $1.28 0.5%

All 2 Beds 1,000 129 39.1% 4 3.1% $1,069 $1.07 $1,064 $1.06 0.5%

All 3 Beds 1,200 101 30.6% 4 4.0% $1,232 $1.03 $1,225 $1.02 0.6%

Totals 970 330 100% 11 3.3% $1,068 $1.10 $1,063 $1.10 0.5%

Updated October 09, 2017Estimate

SITE AMENITIES

Business Center, Clubhouse, Controlled Access, Fitness Center, Laundry Facilities, Maintenance on site, Playground, Pool, Property Manager onSite, Sundeck, Tennis Court

UNIT AMENITIES

Air Conditioning, Alarm, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen,Range, Vinyl Flooring, Washer/Dryer, Window Coverings

RECURRING EXPENSES

Free Gas, Water, Trash Removal, Sewer

ONE TIME EXPENSES

Application Fee $85

PET POLICY

No Pets Allowed


Page 22

14 499 Boynton Bay Cir - Boynton Bay Apartments - Over 55+ CommunityBoynton Beach, Florida - Outer Boynton Beach Neighborhood

PROPERTY MANAGER

Auburn - Boynton Bay Apartments

(561) 364-7600

PROPERTY

3.8 Miles



Year Built: 1991

Type: Apartments - Senior

Rent Type:




Affordable

OWNER

-



UNIT BREAKDOWN

1 1 768 16 6.7% 0 0.0% $793 $1.03 $787 $1.02 0.8%

2 1 880 192 80.0% 0 0.0% $953 $1.08 $949 $1.08 0.4%

3 2 1,066 32 13.3% 0 0.0% $1,101 $1.03 $1,095 $1.03 0.6%


All 1 Beds 768 16 6.7% 0 0.0% $793 $1.03 $787 $1.02 0.8%

All 2 Beds 880 192 80.0% 0 0.0% $953 $1.08 $949 $1.08 0.4%

All 3 Beds 1,066 32 13.3% 0 0.0% $1,101 $1.03 $1,095 $1.03 0.6%

Totals 897 240 100% 0 0.0% $962 $1.07 $958 $1.07 0.4%


SITE AMENITIES

Basketball Court, Business Center, Clubhouse, Controlled Access, Fitness Center, Free Weights, Gated, Laundry Facilities, Lounge, Maintenanceon site, Meal Service, Package Service, Playground, Pool, Property Manager on Site, Spa, Sundeck

UNIT AMENITIES

Air Conditioning, Alarm, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, Kitchen, Microwave, Range, TileFloors, Tub/Shower, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings

RECURRING EXPENSES

Dog Rent $10 Cat Rent $10 Free Gas, Water, Trash Removal, Sewer

ONE TIME EXPENSES

Dog Deposit $300 Cat Deposit $300 Application Fee $85

PET POLICY

Cats Allowed - $300 Deposit, $10/Mo, Pet Interview Required, 2 MaximumRestrictions: Breed restrictions apply.Dogs Allowed - $300 Deposit, $10/Mo, Pet Interview Required, 2 MaximumRestrictions: Breed restrictions apply.


Page 23

15 695 Auburn Ave - Village at DelrayDelray Beach, Florida - Outer Delray Beach Neighborhood

PROPERTY MANAGER

Dominium - Village at Delray

(561) 243-6802

PROPERTY

10.5 Miles



Year Built: 2011


Rent Type:




Affordable

OWNER

-



UNIT BREAKDOWN

1 1 705 18 12.5% 0 0.0% $800 $1.13 $792 $1.12 1.0%

2 2 900 72 50.0% 0 0.0% $954 $1.06 $950 $1.06 0.4%

3 2 1,250 54 37.5% 0 0.0% $1,110 $0.89 $1,105 $0.88 0.4%


All 1 Beds 705 18 12.5% 0 0.0% $800 $1.13 $792 $1.12 1.0%

All 2 Beds 900 72 50.0% 0 0.0% $954 $1.06 $950 $1.06 0.4%

All 3 Beds 1,250 54 37.5% 0 0.0% $1,110 $0.89 $1,105 $0.88 0.4%

Totals 1,007 144 100% 0 0.0% $993 $0.99 $988 $0.98 0.5%


SITE AMENITIES

Basketball Court, Business Center, Clubhouse, Gated, Playground, Pool

UNIT AMENITIES

Air Conditioning, Carpet, Dishwasher, Disposal, Tile Floors, Washer/Dryer, Washer/Dryer Hookup, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Cat Rent $15 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES

Cat Deposit $250

PET POLICY

Cats Allowed - $250 Deposit, $15/Mo, 2 MaximumRestrictions: Some restrictions may apply. Please call for more details.


Page 24

16 1551 Quail Dr - Palms West ApartmentsWest Palm Beach, Florida - West Palm Beach Neighborhood

PROPERTY MANAGER

Cambridge - Palms West Apartments

(561) 689-0770

PROPERTY

7.8 Miles



Year Built: 1995


Rent Type:




Affordable

OWNER

-



UNIT BREAKDOWN

1 1 736 40 13.8% 0 0.0% $620 $0.84 $620 $0.84 0.0%

2 2 996 72 24.8% 0 0.0% $750 $0.75 $750 $0.75 0.0%

3 2 1,123 103 35.5% 0 0.0% $585 $0.52 $585 $0.52 0.0%

3 2 1,232 74 25.5% 0 0.0% $1,051 $0.85 $1,051 $0.85 0.0%

4 2 1,230 1 0.3% 0 0.0% $658 $0.53 $658 $0.53 0.0%


All 1 Beds 736 40 13.8% 0 0.0% $620 $0.84 $620 $0.84 0.0%

All 2 Beds 996 72 24.8% 0 0.0% $750 $0.75 $750 $0.75 0.0%

All 3 Beds 1,169 177 61.0% 0 0.0% $780 $0.67 $780 $0.67 0.0%

All 4 Beds 1,230 1 0.3% 0 0.0% $658 $0.53 $658 $0.53 0.0%

Totals 1,066 290 100% 0 0.0% $750 $0.70 $750 $0.70 0.0%


SITE AMENITIES

Courtesy Patrol, Laundry Facilities, Maintenance on site, Playground, Pool, Property Manager on Site, Recycling, Tennis Court, Waterfront

UNIT AMENITIES

Air Conditioning, Alarm, Balcony, Dishwasher, Disposal, Heating, High Speed Internet Access, Patio, Smoke Free, Sprinkler System, Walk-InClosets, Washer/Dryer Hookup, Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Dog Rent $0 Cat Rent $0 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES

Dog Fee $400 Cat Fee $400 Application Fee $30

PET POLICY

Birds AllowedCats Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $400Dogs Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $400Restrictions: Breed Restrictions ApplyFishes AllowedReptiles AllowedOthers Allowed


Page 25

17 1710 4th Ave N - Palm Gardens ApartmentsLake Worth, Florida - Tropical Ridge Neighborhood

PROPERTY MANAGER

Cambridge - Palm Gardens Apartments

(561) 547-7164

PROPERTY

1.8 Miles



Year Built: 2008


Rent Type:

Parking: -



Affordable

OWNER

-



UNIT BREAKDOWN

2 2 1,090 40 50.0% 0 0.0% $433 $0.40 $431 $0.40 0.6%

3 2 1,304 4 5.0% 0 0.0% $1,116 $0.86 $1,109 $0.85 0.6%

3 2.5 1,320 36 45.0% 0 0.0% $462 $0.35 $459 $0.35 0.6%


All 2 Beds 1,090 40 50.0% 0 0.0% $433 $0.40 $431 $0.40 0.6%

All 3 Beds 1,318 40 50.0% 0 0.0% $527 $0.40 $524 $0.40 0.6%

Totals 1,204 80 100% 0 0.0% $480 $0.40 $478 $0.40 0.6%


SITE AMENITIES

Laundry Facilities, Media Center/Movie Theatre, Picnic Area, Playground, Pool, Property Manager on Site

UNIT AMENITIES

Air Conditioning, Alarm, Balcony, High Speed Internet Access, Kitchen, Smoke Free, Sprinkler System, Tile Floors, Views, Washer/Dryer Hookup,Wheelchair Accessible (Rooms)

RECURRING EXPENSES

Unassigned Surface Lot Parking $0 Free Water

ONE TIME EXPENSES

Dog Fee $400 Cat Fee $400

PET POLICY

Cats Allowed - Maximum Weight 40 lb, One-Time Fee: $400Dogs Allowed - Maximum Weight 40 lb, One-Time Fee: $400Restrictions: Breed restrictions


Page 26

Studio Comps

$878One Bed Comps

$941Two Bed Comps

$1,082Three Bed Comps

$1,136Subject

-

Subject

$904

Subject

$981

Subject

$1,290

1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio

Total Number of Units 24 1,261 1,192 756

Vacancy Rate 12.1% 4.4% 5.3% 4.7%

Asking Rent Per Unit $878 $941 $1,082 $1,136

Asking Rent Per SF $2.01 $1.45 $1.19 $1.05

Effective Rents Per Unit $870 $932 $1,055 $1,112

Effective Rents Per SF $1.99 $1.43 $1.16 $1.03

Concessions 0.9% 1.0% 2.5% 2.2%

Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom

Year-Over-Year Effective Rent Growth 0.5% 2.9% 1.5% 1.3%

Year-Over-Year Vacancy Rate Change

12 Month Net Absorption in Units

-0.4%

0

0.0%

35 57

-0.2% 1.1%

-5

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS


Page 27

Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

2220 Lake Worth Rd

The Village at Lake Worth10.1%4.6%$1.64

$1,145

2508 10th Ave N

Avesta Costa Del Lago-4.5%4.3%$1.61

$1,051

10492 Boynton Dr

Heron Pointe Apartments5.0%0.0%$1.53

$1,050

2430 Lake Worth Rd

Village at Lake Osborne0.0%-3.7%$1.68

$1,040

2304 N Congress Ave

The Abbey at Northlake3.7%-5.8%$1.53

$995

405-526 SE 20th Ave

The Hatteras Apartments-3.6%0.3%$1.61

$953

$952

4611 S Congress Ave

The Floridian Apartments5.3%6.4%$1.73

$952

$952

4011 36th Ct

Indigo Palms Villas-0.2%0.2%$1.25

$941

$876 $955

550 Kirk Rd

Avesta Coronado Springs2.6%2.9%$1.43

$920

$905 $940

1302-1402 S Federal Hwy

Lake Worth One0.6%0.3%$1.32

$904

$902 $904

1000 Indian Trace Cir

Indian Trace Apartments1.8%0.4%$1.29

$901

$901

2357 Greengate Cir

Greengate Apartments7.2%1.1%$1.54

$889

4772 Wedgewood Way

Springtree Apartments4.8%0.2%$1.44

$831

$830

2400 Lantana Rd

Marina Bay1.5%0.3%$1.22

$829

$828

695 Auburn Ave

Village at Delray0.0%0.0%$1.13

$800

499 Boynton Bay Cir

Boynton Bay Apartments - Ov…-0.8%0.0%$1.03

$793

1551 Quail Dr

Palms West Apartments0.1%0.0%$0.84

$620

$200 $550 $900 $1,250 $1,600


Page 28

Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

2430 Lake Worth Rd

Village at Lake Osborne1.5%0.0%$1.55

$1,325

2220 Lake Worth Rd

The Village at Lake Worth0.0%0.0%$1.45

$1,305

10492 Boynton Dr

Heron Pointe Apartments4.8%-0.6%$1.26

$1,286

$1,215 $1,315

2304 N Congress Ave

The Abbey at Northlake3.3%0.4%$1.58

$1,242

2508 10th Ave N

Avesta Costa Del Lago13.9%5.3%$1.48

$1,185

550 Kirk Rd

Avesta Coronado Springs-0.8%9.6%$1.27

$1,155

$1,138 $1,172

4011 36th Ct

Indigo Palms Villas0.2%0.2%$1.04

$1,150

$1,146 $1,163

405-526 SE 20th Ave

The Hatteras Apartments-12.0%-7.1%$1.30

$1,075



$1,069

$1,069

2357 Greengate Cir

Greengate Apartments3.9%0.5%$1.19

$1,027

$994 $1,051

2400 Lantana Rd

Marina Bay1.5%0.3%$1.05

$1,003

$1,002

4772 Wedgewood Way

Springtree Apartments4.5%0.5%$1.14

$996



$981

$980

695 Auburn Ave


$954

499 Boynton Bay Cir

Boynton Bay Apartments - Ov…7.1%0.0%$1.08

$953

1551 Quail Dr


$750

1710 4th Ave N

Palm Gardens Apartments1.5%0.3%$0.40

$433

$433

$0 $450 $900 $1,350 $1,800


Page 29

Property Name/Address Rating Three Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

2508 10th Ave N

Avesta Costa Del Lago7.8%1.0%$1.48

$1,521

10492 Boynton Dr

Heron Pointe Apartments0.0%0.0%$1.09

$1,468

2220 Lake Worth Rd

The Village at Lake Worth-4.9%0.6%$1.17

$1,404

$1,403

2304 N Congress Ave

The Abbey at Northlake3.1%1.6%$1.56

$1,334

$1,295 $1,402



$1,290



$1,232

$1,232

2400 Lantana Rd

Marina Bay1.5%0.3%$1.01

$1,164

$1,164

695 Auburn Ave


$1,110

$1,110

499 Boynton Bay Cir

Boynton Bay Apartments - Ov…12.5%0.0%$1.03

$1,101

1551 Quail Dr


$780

$585 $1,051

1710 4th Ave N

Palm Gardens Apartments0.3%0.1%$0.40

$527

$462 $1,115

$0 $500 $1,000 $1,500 $2,000


Page 30

VACANCY CHANGES PAST QUARTER & YEAR

Past QtrLast YearLast QtrNow

Vacancy Levels Change

Property Name - Address Rating Units Past Year

3.2% 0.4%-7.0%2.8%314 10.2%Avesta Coronado Springs - 550 Kirk Rd

10.4% 4.2%-1.2%6.1%192 11.6%Heron Pointe Apartments - 10492 Boynton Dr

1.0% -1.3%-0.2%2.3%290 1.2%Palms West Apartments - 1551 Quail Dr

3.2% 0.3%-0.2%2.9%330 3.4%Indian Trace Apartments - 1000 Indian Trace Cir

6.8% 0.1%-0.1%6.7%72 6.9%The Hatteras Apartments - 405-526 SE 20th Ave

5.3% 1.1%-0.1%4.2%520 5.4%The Abbey at Northlake - 2304 N Congress Ave

3.3% -38.2%-0.1%41.5%118 3.4%Village at Lake Osborne - 2430 Lake Worth Rd

0.8% -0.1%-0.1%0.8%119 0.8%Greengate Apartments - 2357 Greengate Cir

3.2% 0.2%-0.1%3.1%192 3.3%Marina Bay - 2400 Lantana Rd

2.7% 0.2%0%2.5%240 2.7%Boynton Bay Apartments - Over 55+ Community

11.2% -1.1%0%12.3%57 11.2%Indigo Palms Villas - 4011 36th Ct

3.7% 0%0%3.7%51 3.7%Lake Worth One - 1302-1402 S Federal Hwy

4.5% 0.3%0%4.3%80 4.5%Palm Gardens Apartments - 1710 4th Ave N

3.9% 0.1%0%3.8%72 3.9%Springtree Apartments - 4772 Wedgewood Way

5.7% 0%0%5.7%60 5.7%The Floridian Apartments - 4611 S Congress Ave

3.8% 0.2%0%3.5%144 3.8%Village at Delray - 695 Auburn Ave

15.1% 13.3%1.1%1.8%218 14.0%Avesta Costa Del Lago - 2508 10th Ave N

4.1% 4.1%1.6%0%216 2.5%The Village at Lake Worth - 2220 Lake Worth Rd

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO


Rents Levels Change


$974 0.2%0.2%$97212 $972Indigo Palms Villas - 4011 36th Ct

$775 -0.6%0.3%$7799 $773The Hatteras Apartments - 405-526 SE 20th Ave

$800 1.2%0.3%$7918 $798Lake Worth One - 1302-1402 S Federal Hwy

$802 5.9%0.8%$7573 $796The Floridian Apartments - 4611 S Congress Ave


Page 31

ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM


Rents Levels Change


$995 3.6%-5.8%$960168 $1,056The Abbey at Northlake - 2304 N Congress Ave

$1,040 0%-3.7%$1,04040 $1,080Village at Lake Osborne - 2430 Lake Worth Rd

$793 -0.8%0%$79916 $793Boynton Bay Apartments - Over 55+ Community

$1,050 5.0%0%$1,00039 $1,050Heron Pointe Apartments - 10492 Boynton Dr

$800 0%0%$80018 $800Village at Delray - 695 Auburn Ave

$620 0.1%0%$61940 $620Palms West Apartments - 1551 Quail Dr

$831 4.8%0.2%$79360 $829Springtree Apartments - 4772 Wedgewood Way

$941 0.1%0.2%$94036 $938Indigo Palms Villas - 4011 36th Ct


$953 -3.6%0.3%$98843 $950The Hatteras Apartments - 405-526 SE 20th Ave

$829 1.5%0.3%$816120 $826Marina Bay - 2400 Lantana Rd

$901 1.8%0.4%$885100 $898Indian Trace Apartments - 1000 Indian Trace Cir

$889 7.2%1.1%$829112 $879Greengate Apartments - 2357 Greengate Cir

$920 2.6%2.9%$897227 $895Avesta Coronado Springs - 550 Kirk Rd

$1,051 -4.5%4.3%$1,10035 $1,008Avesta Costa Del Lago - 2508 10th Ave N

$1,145 10.1%4.6%$1,040150 $1,095The Village at Lake Worth - 2220 Lake Worth Rd

$952 5.3%6.4%$90457 $895The Floridian Apartments - 4611 S Congress Ave


Page 32

ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM


Rents Levels Change


$1,075 -12.0%-7.1%$1,22120 $1,157The Hatteras Apartments - 405-526 SE 20th Ave

$1,286 4.8%-0.6%$1,227114 $1,294Heron Pointe Apartments - 10492 Boynton Dr

$953 7.1%0%$890192 $953Boynton Bay Apartments - Over 55+ Community

$1,305 0%0%$1,30552 $1,305The Village at Lake Worth - 2220 Lake Worth Rd

$954 0%0%$95472 $954Village at Delray - 695 Auburn Ave

$1,325 1.5%0%$1,30578 $1,325Village at Lake Osborne - 2430 Lake Worth Rd

$750 0.2%0%$74972 $750Palms West Apartments - 1551 Quail Dr

$1,150 0.2%0.2%$1,1479 $1,147Indigo Palms Villas - 4011 36th Ct


$1,003 1.5%0.3%$98860 $999Marina Bay - 2400 Lantana Rd

$433 1.5%0.3%$42740 $432Palm Gardens Apartments - 1710 4th Ave N

$1,069 1.7%0.4%$1,051129 $1,065Indian Trace Apartments - 1000 Indian Trace Cir

$1,242 3.3%0.4%$1,202100 $1,237The Abbey at Northlake - 2304 N Congress Ave

$1,027 3.9%0.4%$9887 $1,022Greengate Apartments - 2357 Greengate Cir

$996 4.5%0.5%$95312 $992Springtree Apartments - 4772 Wedgewood Way

$1,185 13.9%5.3%$1,040148 $1,125Avesta Costa Del Lago - 2508 10th Ave N

$1,155 -0.8%9.5%$1,16487 $1,054Avesta Coronado Springs - 550 Kirk Rd

ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM


Rents Levels Change


$1,101 12.5%0%$97932 $1,101Boynton Bay Apartments - Over 55+ Community

$1,468 0%0%$1,46839 $1,468Heron Pointe Apartments - 10492 Boynton Dr

$527 0.3%0.1%$52640 $527Palm Gardens Apartments - 1710 4th Ave N

$1,110 0.8%0.1%$1,10254 $1,109Village at Delray - 695 Auburn Ave

$1,290 1.2%0.3%$1,2751 $1,286Lake Worth One - 1302-1402 S Federal Hwy

$1,164 1.5%0.3%$1,14712 $1,160Marina Bay - 2400 Lantana Rd

$1,232 1.8%0.4%$1,211101 $1,228Indian Trace Apartments - 1000 Indian Trace Cir

$1,404 -4.8%0.6%$1,47514 $1,395The Village at Lake Worth - 2220 Lake Worth Rd

$780 5.3%0.9%$740177 $773Palms West Apartments - 1551 Quail Dr

$1,521 7.8%1.0%$1,41135 $1,506Avesta Costa Del Lago - 2508 10th Ave N

$1,334 3.1%1.6%$1,293252 $1,314The Abbey at Northlake - 2304 N Congress Ave


Page 33

PROPERTY ATTRIBUTES Lake Worth One Rent Comps Boynton Beach 1-3 Star Palm Beach 1-3 Star

Existing Units 11,173 72,102

Building Rating

Under Construction as % of Inventory - 3.1% 2.0%

3,23451

-

2.22.2

UNIT MIX Lake Worth One Rent Comps Boynton Beach 1-3 Star Palm Beach 1-3 Star

1 Bedroom - 1 Bath 59% 39% 25% 24%

2 Bedroom - 1 Bath 24% 12% 6% 8%

3 Bedroom - 2 Bath 2% 22% 5% 7%

ASKING RENTS PER SF Lake Worth One Rent Comps Boynton Beach 1-3 Star Palm Beach 1-3 Star

1 Bedroom - 1 Bath $1.32 $1.45 $1.43 $1.59

2 Bedroom - 1 Bath $1.09 $1.24 $1.16 $1.31

3 Bedroom - 2 Bath $1.23 $1.09 $1.23 $1.20

Concessions 0.6% 1.9% 0.4% 1.0%

AVERAGE EFFECTIVE RENT GROWTH Lake Worth One Rent Comps Boynton Beach 1-3 Star Palm Beach 1-3 Star

Current Quarter 0.3% 1.6% 0.4% 0.7%

1 Year Rent Growth 0.8% 2.0% 3.1% 3.1%

3 Year Rent Growth 6.2% 10.6% 9.3% 11.7%

5 Year Rent Growth 11.1% 27.0% 25.2% 21.8%

All-Time Average 1.9% 2.6% 2.6% 2.6%

Vacancy Rate Lake Worth One Rent Comps Boynton Beach 1-3 Star Palm Beach 1-3 Star

Current Quarter 3.9% 4.9% 5.8% 6.3%

Last Quarter 3.9% 5.5% 5.9% 6.5%

1 Year Ago 3.9% 4.7% 6.9% 6.4%

3 Years Ago 2.0% 14.9% 4.1% 5.9%

5 Years Ago 3.9% 5.2% 4.9% 6.7%


Page 34

STUDIO ASKING RENT PER SQUARE FOOT

ONE BEDROOM ASKING RENT PER SQUARE FOOT


Page 35

TWO BEDROOM ASKING RENT PER SQUARE FOOT

THREE BEDROOM ASKING RENT PER SQUARE FOOT


Page 36

OVERALL ASKING RENT PER SQUARE FOOT

OVERALL EFFECTIVE RENT PER SQUARE FOOT


Page 37

ANNUAL EFFECTIVE RENT GROWTH

CONCESSIONS


Page 38

VACANCY RATES

OCCUPANCY RATES


Page 39

RENT COMPARABLES HISTORICAL DATA BY YEAR

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Year Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2018 3,234 $1.20 1.6% 1.9% 157 4.9% -0.6% 21$1.23

2017 3,234 $1.19 1.6% 2.5% 178 5.5% 1.5% (24)$1.22

2016 3,116 $1.17 3.5% 0.8% 126 4.0% -0.4% 14$1.18

2015 3,116 $1.13 6.5% 0.9% 139 4.5% -5.0% 15$1.14

2014 2,900 $1.06 7.0% 0.2% 275 9.5% 2.6% (19)$1.06

2013 2,900 $0.99 10.7% 0.9% 200 6.9% -1.0% 11$1.00

2012 2,900 $0.89 -2.4% 5.4% 228 7.9% -1.9% 18$0.94

2011 2,900 $0.92 2.4% 0.8% 284 9.8% -2.5% 17$0.92

2010 2,756 $0.89 0.2% 0.8% 337 12.2% -0.5% 1$0.90

2009 2,756 $0.89 -1.2% 0.8% 351 12.7% -0.6% 12$0.90

Rental Rates Per SF Vacancy

Quarter Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2018 Q1 3,234 $1.20 1.6% 1.9% 157 4.9% -0.6% 21$1.23

2017 Q4 3,234 $1.19 -0.4% 2.5% 178 5.5% 0.7% (24)$1.22

2017 Q3 3,234 $1.19 -0.1% 1.4% 154 4.8% 1.0% (31)$1.21

2017 Q2 3,234 $1.19 0.9% 0.5% 123 3.8% -0.9% 29$1.20

2017 Q1 3,234 $1.18 1.2% 0.4% 151 4.7% 0.6% 93$1.19

2016 Q4 3,116 $1.17 0.4% 0.8% 126 4.0% -0.4% 14$1.18

2016 Q3 3,116 $1.16 0.1% 0.6% 140 4.5% 0.6% (18)$1.17

2016 Q2 3,116 $1.16 -0.2% 0.5% 122 3.9% -0.2% 5$1.17

2016 Q1 3,116 $1.16 3.2% 0.7% 127 4.1% -0.4% 12$1.17

2015 Q4 3,116 $1.13 -1.5% 0.9% 139 4.5% -0.5% 15$1.14

2015 Q3 3,116 $1.14 3.0% 0.1% 155 5.0% -8.2% 256$1.14

2015 Q2 3,116 $1.11 2.1% 0.0% 410 13.2% -1.8% 55$1.11


Page 40

PREPARED BY

Russell Goldstein

All-Time Annual Average

68Delivered Past 4 Quarters

70Deliveries Next 4 Quarters

259Proposed Next 4 Quarters

1,176MAP OF 12 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED

PAST AND FUTURE DELIVERIES


Page 42

Properties

3Units

259Percent Of Inventory

3.4%Avg. No. Units

86UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

MedianLow Average High

Property Size in Units 30

Number of Stories

Average Unit Size

Star Rating

3

1,208 SF

86

5

1,208 SF

49

5

1,208 SF

180

7

1,208 SF

Estimated Delivery Date Mar 2018 Jul 2018 Sep 2018 Nov 2018

Months to Delivery 1 5 7 9

Construction Period in Months 11 13 14 14

3.6


Page 43

COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Jan-20171400 S Dixie Hwy

Aura Seaside - Phase II180 5 Mar-2018

Trinsic Residential Group

Trinsic Residential Group1

COMPLETIONS MORE THAN 6 MONTHS AWAY


Jul-20173550 S Ocean Blvd

30 7 Sep-2018DDG Partners LLC

3550 Palm Beach Holdings Llc2

Dec-2017200 Hypoluxo Rd

Hypoluxo Commons49 3 Nov-2018

JFB Construction & Development…

JFB Construction & Development…3


Page 44

1 1400 S Dixie Hwy - Aura Seaside - Phase IILantana, Florida - Outer Boynton Beach Neighborhood

CONSTRUCTION INFO

Start Date: Jan-2017

Completion Date: Mar-2018

Build Time: 14 Months

Time to Delivery: 1 Month

PROPERTY

Property Size: 180 Units

Stories: 5

Average Unit Size: 1,208 SF

Rent Type: Market

OWNER


DEVELOPER


NOTES

This is the under construction portion of Aura Seaside. Refer to PID 10310599 for completedunits.

2 3550 S Ocean BlvdPalm Beach, Florida - Outer Boynton Beach Neighborhood

CONSTRUCTION INFO

Start Date: Jul-2017

Completion Date: Sep-2018


Time to Delivery: 7 Months

PROPERTY


Stories: 7

Average Unit Size: -

Rent Type: Market

OWNER

3550 Palm Beach Holdings Llc

DEVELOPER

DDG Partners LLC

3 200 Hypoluxo Rd - Hypoluxo CommonsLake Worth, Florida - Outer Boynton Beach Neighborhood

CONSTRUCTION INFO

Start Date: Dec-2017

Completion Date: Nov-2018


Time to Delivery: 9 Months

PROPERTY


Stories: 3

Average Unit Size: -

Rent Type: Market

OWNER

JFB Construction & Development Inc

DEVELOPER

JFB Construction & Development Inc

SITE AMENITIES

Cabana, Pool


Page 45

Properties

2Units

188Vacancy Rate

4.3%Avg. Asking Rent/Unit

$1,627DELIVERIES IN PAST 12 MONTHS

DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS

Unit Mix Low Average Median High

Property Size in Units 70 94 94 118

Studio Units - - - -

One Bedroom Units 24 32 32 40

Two Bedroom Units 36 57 57 78

Three Bedroom Units 10 10 10 10

Property Attributes Low Average Median High

Number of Stories 3 4 4 5

Average Unit Size 775 951 951 1,127

Rating 4.0

Leasing Performance Low Average Median High

Vacancy Rate 3.4% 4.3% 4.6% 5.7%

Asking Rent Per Unit $1,228 $1,627 $1,764 $2,299

Effective Rent Per Unit $1,191 $1,578 $1,711 $2,230

Asking Rent Per SF $1.58 $1.80 $1.81 $2.04

Effective Rent Per SF $1.54 $1.74 $1.76 $1.98

Concessions 2.1% 2.3% 2.3% 2.5%


Page 46


Aug-152430 Lake Worth Rd

Village at Lake Osborne118 3 Jan-17

AHS Development Group

AHS Development Group1

Jan-171400 S Dixie Hwy

Aura Seaside70 5 Feb-18


Trinsic Residential Group2


Page 47

1 2430 Lake Worth Rd - Village at Lake OsborneLake Worth, Florida - Outer Greenacres Neighborhood

PROPERTY MANAGER

AHS - Village at Lake Osborne

(561) 660-8184

PROPERTY

2.2 Miles



Year Built: Jan 2017


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

1 1 620 40 33.9% 1 2.5% $1,040 $1.68 $1,040 $1.68 0.0%

2 2 855 78 66.1% 2 2.6% $1,325 $1.55 $1,269 $1.48 4.2%


All 1 Beds 620 40 33.9% 1 2.5% $1,040 $1.68 $1,040 $1.68 0.0%

All 2 Beds 855 78 66.1% 2 2.6% $1,325 $1.55 $1,269 $1.48 4.2%

Totals 775 118 100% 3 2.5% $1,228 $1.58 $1,191 $1.54 3.0%


SITE AMENITIES

Bilingual, Controlled Access, Fitness Center, Pool, Public Transportation

UNIT AMENITIES

Air Conditioning, Attic, Cable Ready, Dishwasher, Disposal, Hardwood Floors, Kitchen, Microwave, Patio, Range, Refrigerator, Tub/Shower,Washer/Dryer, Window Coverings

RECURRING EXPENSES


ONE TIME EXPENSES

Admin Fee $200 Application Fee $75

PET POLICY

No Pets Allowed


Page 48

2 1400 S Dixie Hwy - Aura SeasideLantana, Florida - Outer Boynton Beach Neighborhood

PROPERTY MANAGER

ZRS - Aura Seaside

(561) 533-1400

PROPERTY

1.8 Miles



Year Built: Feb 2018


Rent Type:

Parking: -



Market

OWNER

-



UNIT BREAKDOWN

1 1 778 6 8.6% 6 100% $1,490 $1.92 $1,490 $1.92 0.0%

1 1 818 6 8.6% 6 100% $1,550 $1.89 $1,550 $1.89 0.0%

1 1 834 6 8.6% 6 100% $1,590 $1.91 $1,590 $1.91 0.0%

1 1 851 6 8.6% 6 100% $1,575 $1.85 $1,575 $1.85 0.0%

2 2 1,079 6 8.6% 6 100% $1,920 $1.78 $1,813 $1.68 5.6%

2 2 1,107 6 8.6% 6 100% $1,985 $1.79 $1,875 $1.69 5.6%

2 2 1,121 6 8.6% 6 100% $1,975 $1.76 $1,865 $1.66 5.6%

2 2 1,273 12 17.1% 7 58.3% $2,333 $1.83 $2,203 $1.73 5.6%

2 2.5 1,620 6 8.6% 1 16.7% $3,835 $2.37 $3,622 $2.24 5.6%

3 2 1,324 5 7.1% 5 100% $4,750 $3.59 $4,750 $3.59 0.0%

3 2 1,554 5 7.1% 2 40.0% $2,730 $1.76 $2,730 $1.76 0.0%


All 1 Beds 820 24 34.3% 24 100% $1,551 $1.89 $1,551 $1.89 0.0%

All 2 Beds 1,246 36 51.4% 26 72.2% $2,397 $1.92 $2,264 $1.82 5.6%

All 3 Beds 1,439 10 14.3% 7 70.0% $3,740 $2.60 $3,740 $2.60 0.0%

Totals 1,127 70 100% 57 81.4% $2,299 $2.04 $2,230 $1.98 3.0%


SITE AMENITIES

Bike Storage, Car Charging Station, Car Wash Area, Clubhouse, Controlled Access, Fitness Center, Fitness Programs, Free Weights, Gated,Media Center/Movie Theatre, Package Service, Pet Play Area, Pool, Property Manager on Site, Recycling, Sport Court, Storage Space, Wi-Fi atPool and Clubhouse

UNIT AMENITIES

Balcony, Double Vanities, Granite Countertops, Hardwood Floors, Island Kitchen, Linen Closet, Pantry, Patio, Stainless Steel Appliances, TileFloors, Views, Walk-In Closets, Washer/Dryer

RECURRING EXPENSES

Dog Rent $25 Cat Rent $25

ONE TIME EXPENSES


Application Fee $125


Page 49

PET POLICY

Cats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $500Restrictions: Pets are welcome in our community! Pet Fee is $500. Monthly Pet Rent is $25. Breed restrictions apply. Letter required by CertifiedVeterinarian for proof of breed, weight, and required vaccinations. For more information, please call our leasing office.Dogs Allowed - $25/Mo, 2 Maximum, One-Time Fee: $500Restrictions: Pets are welcome in our community! Pet Fee is $500. Monthly Pet Rent is $25. Breed restrictions apply. Letter required by CertifiedVeterinarian for proof of breed, weight, and required vaccinations. For more information, please call our leasing office.


Page 50

UNITS UNDER CONSTRUCTION

PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION


Page 51

CONSTRUCTION DELIVERIES IN UNITS

CONSTRUCTION STARTS IN UNITS


Page 52

PERCENT OCCUPIED AT DELIVERY

UNITS OCCUPIED IN DELIVERIES OVER TIME


Page 53

NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT

NET ABSORPTION IN UNITS


Page 54

ASKING RENTAL RATES PER UNIT

CONCESSIONS IN DELIVERIES PER YEAR


Page 55

Documents

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 …€¦ · 10492 Boynton Dr 192 Units / 3 Stories Owner: Cardone Enterprises Rent/SF $1.25,Vacancy 10.4% Lake Worth