OFFERING MEMORANDUM
Sphere Apartments 2009 Brook RdRichmond VA 23220
Sphere Apartments CONTENTS
Exclusively Marketed by:
Kevin Palka(703) 201-5330
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 5 Unit Mix Summary 7 Location Summary 8
02 Property Description Property Features 10
03 Rent Comps 2009 Brook Rent Comp Report 12
04 Financial Analysis PROJECTED CASH FLOW 68 STABLIZED PROFORMA 69 DEVELOPMENT COST 70 Capital Stack 71
05 Demographics Demographics 73 Demographic Charts 74
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Asset Construction Servicesand it should not be made available to any other person or entity without the written consent of Asset Construction Services. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees thatrecipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to AssetConstruction Services. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only apreliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Asset Construction Services has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvementsthereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Asset Construction Services has not verified, and will not verify, any of theinformation contained herein, nor has Asset Construction Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding theaccuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsiblefor their costs and expenses of investigating the subject property.
Sphere Apartments Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT ASSET CONSTRUCTION SERVICES FOR MORE DETAILS.Copyright © 2019 CREOP, LLC. All Rights Reserved.
Sphere Apartm
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Executive Summary
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Investment Summary
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Location Summary
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OFFERING SUMMARYADDRESS 2009 Brook Rd
Richmond VA 23220BUILDING SF 217,500NUMBER OF UNITS 244YEAR BUILT 2020OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE NON - DISCLOSED
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 21,381 136,730 257,5902019 Median HH Income $32,796 $45,724 $49,1102019 Average HH Income $56,644 $71,078 $73,668
Brook Road Apartments, a proposed 224-unit market-rate rental projectto be located at 2009 Brook Road in the core of Richmond, Virginia.Brook Road Apartments will offer 224 units consisting of studio, one- andtwo-bedroom market-rate apartments within two (2) four-story, elevator-served residential buildings.
The unit amenity package at the subject project will include an electricrange, refrigerator, dishwasher, garbage disposal, microwave,laminate/tile flooring, window blinds, central air conditioning, washer/dryerappliances and a patio/balcony.
Community amenities will include on-site management, a swimming pool,fitness center, elevator, dog park, resident park and a bike storage andrepair room. The cost of all utilities, including general electricity, electricheat, electric hot water, electric cooking, cold water, sewer and trashcollection will be the responsibility of the tenant. A surface parking lot with301 spaces will be available to the residents at no additional charge. Inaddition, a total of 21 covered parking spaces will be available for $65 permonth.
ABOUT THE DEVELOPER
THE ASSET COMPANIES
More than a typical development company, we seek out to deliver theextraordinary. With a commitment to sustainability and a proven trackrecord in bringing to life the most innovative ideas, we take a freshapproach to the environments we create.
OUR PEOPLE
As an opportunistic team of driven individuals who play in real estate andhospitality, we do things differently as a company. That starts with ourvision and who is delivering it.
BUILT BY ASSET
Asset has no appetite for the ordinary, and our projects reflect that.Defying boundaries and exceeding limits – we believe in developmentsthat are inspiring and innovative.
Unconstrained by the thinking that limits many builders, we seek out theuntapped potential of rare opportunities, transforming them into projectsas unique as the communities they are in.
Guided by a leadership team with a history of distinguishedaccomplishments and a drive to tackle new benchmarks, Asset hasdemonstrated time and time again a passion and vision for creating theexceptional.
EXIT Strategy
Sphere Apartments Investment Summary | 06
Our current projections show an out right sale based of of current compsand equity markets at 5 years of Approximately 48,000,000.
Offering
The ASSET COMPANIES is currently seeking equity investors with a 8%annual targeted rate of return. Additionally, an ownership interest of 40%will be provided to the equity investor.
Contact Kevin Palka at 703-201-5330 for more information.
CURRENT PROJECT STATUS
The project is under Contract by the Asset Companies. The projectcurrently has SUP permit Approval. The project design phase will becompleted by January 2020. Construction would begin in January 2020with a completion of construction of 16 months.
Marketing Study - Please see marketing study under separate cover.
THE ASSET COMPANIES
Market Rent
Bed Bath # Units % Units Sq/Ft Rent Total Rent $sq/ft Total Sq. Ft.
S-A 1 37 17% 510 965$ 35,705$ 1.89$ 18,870
S-B 1 24 11% 590 995$ 23,880$ 1.69$ 14,160
1 1 88 39% 660 1,100$ 96,800$ 1.67$ 58,080
1 + D 1 2 1% 843 1,200$ 2,400$ 1.42$ 1,686
2-A 2 50 22% 965 1,425$ 71,250$ 1.48$ 48,250
2-B 2 12 5% 995 1,450$ 17,400$ 1.46$ 11,940
2-C 2 11 5% 1035 1,475$ 16,225$ 1.43$ 11,385
224 100% 800 1,230$ 230,035$ 1.63$ 164,371
Comp
Low High Avg Avg Sq/Ft
Studio 923$ 1,129$ 1,026$ 600 1.71$
1BR 921$ 1,245$ 1,083$ 736 1.47$
1BR+D 921$ 1,245$ 1,083$ 736 1.47$
2BR 1,282$ 1,707$ 1,495$ 985 1.52$
1.54$
Unit Type
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Property Features
Aerial Map
Parcel Map
Additional Maps
Amenities
Property Images
Sphere Apartments Property Features | 10
PROPERTY FEATURESNUMBER OF UNITS 244BUILDING SF 217,500LAND ACRES 4.45YEAR BUILT 2020# OF PARCELS 1NUMBER OF STORIES 4NUMBER OF BUILDINGS 2NUMBER OF PARKING SPACES 299PARKING RATIO 1.25POOL / JACUZZI yesFIRE PLACE IN UNIT noWASHER/DRYER yes
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Uploaded Rent Comparables
Rent Comparables
Rent Comparables Map
2009 Brook Rd
PREPARED BY
Ryan Rilee
Rent Comparables
Brook Road Apartments
224 Unit Apartment Building
Richmond, Virginia - Virginia Union Neighborhood
Sphere Apartments 2009 Brook Rent Comp Report | 12
Rent Comparables Summary2009 Brook Rd - Brook Road Apartments
18 $1,410 $1.79 10.7%No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate
RENT COMP LOCATIONS
RENT COMPS SUMMARY STATISTICS
Unit Breakdown Low Average Median High
Total Units
Studio Units
One Bedroom Units
Two Bedroom Units
Three Bedroom Units
47
0
18
10
0
170
14
97
55
5
165
0
89
48
2
328
130
215
150
32
Property Attributes Low Average Median High
1917Year Built
Number of Floors
Average Unit Size
Vacancy Rate
Star Rating
2
541 SF
0.0%
1990
6
787 SF
10.7%
2015
4
803 SF
1.9%
2019
23
992 SF
80.5%
3.8
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Sphere Apartments 2009 Brook Rent Comp Report | 13
Rent Comparables Summary2009 Brook Rd - Brook Road Apartments
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
-Deco at CNB
200 540 $1,314 $1,225 $1,970 - $2.44219 E Broad St
1 2016
-1 Scott's Addition
129 787 - $1,506 $1,950 - $2.093031 Norfolk St
2 2015
-Residences at the John M…
241 640 $1,097 $1,398 $1,770 - $1.98101 N 5th St
3 1929
-Cary Street Station
287 805 - $1,459 $1,889 $2,304 $1.95103 S Davis Ave
4 2017
-Main 2323
71 617 $1,075 $1,202 $1,395 - $1.942323 E Main St
5 2016
-The Overview
201 802 - $1,477 $1,757 - $1.931817 E Main St
6 2017
-Matrix Midtown
47 804 - $1,250 $1,761 $2,155 $1.92119 N 1st St
7 2016
-The Square Apartments
152 778 - $1,216 $1,531 $2,083 $1.92406 Shafer St
8 2014
-Atrium Lofts at Cold Storage
328 673 $1,153 $1,076 $1,388 - $1.82500 N 18th St
9 1917
-Symbol Apartments
202 916 - $1,460 $1,931 $2,352 $1.801814 Highpoint Ave
10 2018
-Coliseum Lofts
112 803 $1,113 $1,052 $1,552 $1,927 $1.781335-1387 W Broad St
11 1922
-The Cooperage
117 919 - $1,468 $1,894 - $1.761650 Overbrook Rd
12 2017
-Canopy at Ginter Park
301 912 - $1,355 $1,916 $2,583 $1.723200 Brook Rd
13 2019
-Cookie Factory Lofts
178 848 $982 $1,209 $1,703 $2,196 $1.65900 Terminal Pl
14 2015
-Spectrum
103 793 - $1,089 $1,346 $1,743 $1.592017 Brook Rd
15 2015
-Courtyard Lofts at Scott's…
89 746 $1,011 $1,028 $1,347 $1,970 $1.523200 W Clay St
16 2016
-Kensington Court
117 992 - $968 $1,417 - $1.302900 Kensington Ave
17 1930
-Southern Stove Lofts
187 861 - $894 $1,165 $1,700 $1.191215 Hermitage Rd
18 1920
-Brook Road Apartments
224 - - - - - -2009 Brook Rd
2021
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Sphere Apartments 2009 Brook Rent Comp Report | 14
Vacancy 10.4%
101 N 5th St241 Units / 15 Stories
Owner: Dominion Realty Partners, LLC
Rent/SF $1.98,
Residences at the John Mar…3
Vacancy 1.6%
3031 Norfolk St129 Units / 2 Stories
Owner: Main Street Realty
Rent/SF $2.09,
1 Scott's Addition2
Vacancy 6.0%
219 E Broad St200 Units / 23 Stories
Owner: Douglas Development Corpo…
Rent/SF $2.44,
Deco at CNB1
Vacancy 5.0%
1817 E Main St201 Units / 8 Stories
Owner: Historic Housing Ltd.
Rent/SF $1.93,
The Overview6
Vacancy 2.8%
2323 E Main St71 Units / 3 Stories
Owner: MacFarlane Partners, LLC
Rent/SF $1.94,
Main 23235
Vacancy 0%
103 S Davis Ave287 Units / 2 Stories
Owner: The Monument Companies,…
Rent/SF $1.95,
Cary Street Station4
Vacancy 2.1%
500 N 18th St328 Units / 5 Stories
Owner: Historic Housing Ltd.
Rent/SF $1.82,
Atrium Lofts at Cold Storage9
Vacancy 0%
406 Shafer St152 Units / 11 Stories
Owner: Jatinder K Sidhu
Rent/SF $1.92,
The Square Apartments8
Vacancy 0%
119 N 1st St47 Units / 4 Stories
Owner: The Monument Companies,…
Rent/SF $1.92,
Matrix Midtown7
Rent Comparables Photo Comparison2009 Brook Rd
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Sphere Apartments 2009 Brook Rent Comp Report | 15
Vacancy 1.7%
1650 Overbrook Rd117 Units / 2 Stories
Owner: Main Street Realty
Rent/SF $1.76,
The Cooperage12
Vacancy 3.6%
1335-1387 W Broad St112 Units / 3 Stories
Owner: Time Equities, Inc.
Rent/SF $1.78,
Coliseum Lofts11
Vacancy 1.0%
1814 Highpoint Ave202 Units / 4 Stories
Owner: Spy Rock Real Estate Group
Rent/SF $1.80,
Symbol Apartments10
Vacancy 11.7%
2017 Brook Rd103 Units / 3 Stories
Owner: Mercer Street Partners Spon…
Rent/SF $1.59,
Spectrum15
Vacancy 0%
900 Terminal Pl178 Units / 6 Stories
Owner: Rebkee Company
Rent/SF $1.65,
Cookie Factory Lofts14
Vacancy 80.4%
3200 Brook Rd301 Units / - Stories
Owner: Union Presbyterian Seminary
Rent/SF $1.72,
Canopy at Ginter Park13
Vacancy 0.5%
1215 Hermitage Rd187 Units / 3 Stories
Owner: Pondok Management
Rent/SF $1.19,
Southern Stove Lofts18
Vacancy 5.1%
2900 Kensington Ave117 Units / 7 Stories
Owner: PMC Property Group
Rent/SF $1.30,
Kensington Court17
Vacancy 1.1%
3200 W Clay St89 Units / 3 Stories
Owner: Cushman & Wakefield|Thalhi…
Rent/SF $1.52,
Courtyard Lofts at Scott's A…16
Rent Comparables Photo Comparison2009 Brook Rd
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Rent Comparables Photo Comparison2009 Brook Rd
Vacancy -
2009 Brook Rd224 Units / 4 Stories
Owner: -
Rent/SF -,
Subject Property
Brook Road Apartments
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Rent Comparables2009 Brook Rd - Brook Road Apartments
1 219 E Broad St - Deco at CNBRichmond, Virginia - City Center Richmond Neighborhood
PROPERTY MANAGER
Drucker & Falk - Deco at CNB
(804) 447-4052
PROPERTY
1.3 Miles
Property Size: 200 Units, 23 Floors
Avg. Unit Size: 555 SF
Year Built: Mar 2016
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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 1 444 33 16.5% 0 0.0% $1,326 $2.99 $1,316 $2.96 0.7%
Studio 1 459 1 0.5% 0 0.0% $1,211 $2.64 $1,203 $2.62 0.7%
Studio 1 474 1 0.5% 1 100% $1,023 $2.16 $1,015 $2.14 0.8%
1 1 - 6 3.0% 0 0.0% $1,387 - $1,378 - 0.7%
1 1 419 30 15.0% 2 6.7% $999 $2.38 $992 $2.37 0.7%
1 1 467 29 14.5% 0 0.0% $1,310 $2.80 $1,300 $2.78 0.7%
1 1 495 26 13.0% 1 3.9% $1,225 $2.47 $1,216 $2.46 0.7%
1 1 507 23 11.5% 1 4.4% $1,341 $2.64 $1,332 $2.63 0.7%
1 1 598 1 0.5% 1 100% $1,173 $1.96 $1,164 $1.95 0.8%
1 1 668 1 0.5% 0 0.0% $1,298 $1.94 $1,289 $1.93 0.7%
1 1 679 15 7.5% 0 0.0% $1,238 $1.82 $1,229 $1.81 0.7%
1 1 682 1 0.5% 0 0.0% $1,423 $2.09 $1,413 $2.07 0.7%
1 1 775 1 0.5% 0 0.0% $1,443 $1.86 $1,432 $1.85 0.8%
2 2 867 9 4.5% 0 0.0% $1,729 $1.99 $1,717 $1.98 0.7%
2 2 934 1 0.5% 0 0.0% $1,874 $2.01 $1,861 $1.99 0.7%
2 2 938 1 0.5% 0 0.0% $1,802 $1.92 $1,789 $1.91 0.7%
2 2 976 10 5.0% 0 0.0% $2,023 $2.07 $2,009 $2.06 0.7%
2 2 1,006 4 2.0% 0 0.0% $1,889 $1.88 $1,876 $1.86 0.7%
2 2 1,016 1 0.5% 0 0.0% $1,906 $1.88 $1,893 $1.86 0.7%
2 2.5 668 5 2.5% 0 0.0% $2,354 $3.52 $2,337 $3.50 0.7%
2 2.5 1,183 1 0.5% 0 0.0% $2,342 $1.98 $2,325 $1.97 0.7%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 445 35 17.5% 1 2.9% $1,314 $2.95 $1,304 $2.93 0.7%
All 1 Beds 500 133 66.5% 5 3.8% $1,225 $2.43 $1,216 $2.41 0.7%
All 2 Beds 906 32 16.0% 0 0.0% $1,970 $2.17 $1,956 $2.16 0.7%
Totals 557 200 100% 6 3.0% $1,359 $2.44 $1,350 $2.42 0.7%
Updated August 30, 2019Estimate
SITE AMENITIES
Clubhouse, Elevator, Fitness Center, Gameroom, Recycling, Storage Space, Wi-Fi
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Rent Comparables2009 Brook Rd - Brook Road Apartments
UNIT AMENITIES
Air Conditioning, Heating, Kitchen, Oven, Range, Refrigerator, Stainless Steel Appliances, Views, Washer/Dryer, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Storage Fee $60
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Admin Fee $200
Application Fee $50
PET POLICY
Cats Allowed - $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $300Dogs Allowed - $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $300
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Rent Comparables2009 Brook Rd - Brook Road Apartments
2 3031 Norfolk St - 1 Scott's AdditionRichmond, Virginia - Scott's Addition Neighborhood
PROPERTY MANAGER
Main Street - 1 Scott's Addition
(804) 257-7333
PROPERTY
1.3 Miles
Property Size: 129 Units, 2 Floors
Avg. Unit Size: 788 SF
Year Built: Jan 2015
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 732 45 34.9% 5 11.1% $1,413 $1.93 $1,407 $1.92 0.4%
1 1 813 44 34.1% 2 4.6% $1,601 $1.97 $1,594 $1.96 0.4%
2 2 671 20 15.5% 1 5.0% $2,002 $2.98 $1,997 $2.98 0.3%
2 2 974 20 15.5% 0 0.0% $1,898 $1.95 $1,893 $1.94 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 772 89 69.0% 7 7.9% $1,506 $1.95 $1,500 $1.94 0.4%
All 2 Beds 823 40 31.0% 1 2.5% $1,950 $2.37 $1,945 $2.36 0.3%
Totals 788 129 100% 8 6.2% $1,644 $2.09 $1,638 $2.08 0.4%
Updated August 30, 2019Estimate
SITE AMENITIES
Breakfast/Coffee Concierge, Fitness Center, Gas Range, Gated, Property Manager on Site, Recycling
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Refrigerator,Washer/Dryer, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Bird Rent $25
Fish Rent $25 Unassigned Garage Parking $65-$100 Unassigned Surface Lot Parking $40
Storage Fee $35 Free Gas, Water, Electricity, Heat, Trash…
ONE TIME EXPENSES
Dog Fee $350 Cat Fee $350 Application Fee $50
PET POLICY
Birds Allowed - $25/Mo, 2 MaximumCats Allowed - $25/Mo, 2 Maximum, Maximum Weight 80 lb, One-Time Fee: $350Dogs Allowed - $25/Mo, 2 Maximum, Maximum Weight 80 lb, One-Time Fee: $350Fishes Allowed - $25/Mo
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Rent Comparables2009 Brook Rd - Brook Road Apartments
3 101 N 5th St - Residences at the John MarshallRichmond, Virginia - City Center Richmond Neighborhood
PROPERTY MANAGER
Dominion - Residences at the John Marshall
(804) 212-1620
PROPERTY
1.5 Miles
Property Size: 241 Units, 15 Floors
Avg. Unit Size: 641 SF
Year Built: 1929 Renov Apr 2012
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased May 2010
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 - - - - - $1,275 - $1,262 - 1.0%
Studio 1 398 12 5.0% 1 8.3% $975 $2.45 $965 $2.43 1.0%
Studio 1 411 16 6.6% 1 6.3% $1,055 $2.57 $1,044 $2.54 1.0%
Studio 1 429 14 5.8% 1 7.1% $1,250 $2.91 $1,238 $2.88 1.0%
Studio 1 450 14 5.8% 1 7.1% $1,005 $2.23 $995 $2.21 1.0%
Studio 1 491 12 5.0% 6 50.0% $1,100 $2.24 $1,089 $2.22 1.0%
Studio 1 498 14 5.8% 1 7.1% $1,195 $2.40 $1,183 $2.38 1.0%
Studio 1 505 12 5.0% 1 8.3% $975 $1.93 $965 $1.91 1.0%
Studio 1 506 8 3.3% 1 12.5% $1,181 $2.33 $1,169 $2.31 1.0%
Studio 1 512 4 1.7% 1 25.0% $1,082 $2.11 $1,071 $2.09 1.0%
Studio 1 513 4 1.7% 2 50.0% $995 $1.94 $985 $1.92 1.0%
Studio 1 574 4 1.7% 1 25.0% $1,150 $2.00 $1,139 $1.98 1.0%
Studio 1 577 4 1.7% 0 0.0% $1,122 $1.94 $1,111 $1.93 1.0%
Studio 1 580 4 1.7% 1 25.0% $1,325 $2.28 $1,312 $2.26 1.0%
Studio 1 586 4 1.7% 1 25.0% $1,045 $1.78 $1,035 $1.77 1.0%
Studio 1 615 4 1.7% 0 0.0% $1,122 $1.82 $1,111 $1.81 1.0%
1 1 - - - - - $1,800 - $1,782 - 1.0%
1 1 608 3 1.2% 1 33.3% $1,235 $2.03 $1,222 $2.01 1.0%
1 1 612 6 2.5% 2 33.3% $1,278 $2.09 $1,265 $2.07 1.0%
1 1 629 3 1.2% 0 0.0% $1,280 $2.03 $1,267 $2.01 1.0%
1 1 651 3 1.2% 2 66.7% $1,365 $2.10 $1,351 $2.08 1.0%
1 1 656 3 1.2% 1 33.3% $1,375 $2.10 $1,361 $2.07 1.0%
1 1 659 3 1.2% 0 0.0% $1,265 $1.92 $1,252 $1.90 1.0%
1 1 671 3 1.2% 0 0.0% $1,280 $1.91 $1,267 $1.89 1.0%
1 1 702 3 1.2% 1 33.3% $1,255 $1.79 $1,242 $1.77 1.0%
1 1 707 3 1.2% 1 33.3% $1,305 $1.85 $1,292 $1.83 1.0%
1 1 708 3 1.2% 1 33.3% $1,375 $1.94 $1,361 $1.92 1.0%
1 1 709 6 2.5% 1 16.7% $1,470 $2.07 $1,455 $2.05 1.0%
1 1 735 3 1.2% 1 33.3% $1,195 $1.63 $1,183 $1.61 1.0%
1 1 743 3 1.2% 1 33.3% $1,285 $1.73 $1,272 $1.71 1.0%
1 1 755 3 1.2% 1 33.3% $1,256 $1.66 $1,243 $1.65 1.0%
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Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
1 1 769 3 1.2% 1 33.3% $1,335 $1.74 $1,321 $1.72 1.0%
1 1 774 3 1.2% 0 0.0% $1,280 $1.65 $1,267 $1.64 1.0%
1 1 780 3 1.2% 1 33.3% $1,425 $1.83 $1,411 $1.81 1.0%
1 1 803 3 1.2% 1 33.3% $1,435 $1.79 $1,420 $1.77 1.0%
1 1 804 3 1.2% 1 33.3% $1,550 $1.93 $1,534 $1.91 1.0%
1 1 806 3 1.2% 1 33.3% $1,335 $1.66 $1,321 $1.64 1.0%
1 1 812 3 1.2% 1 33.3% $1,700 $2.09 $1,683 $2.07 1.0%
1 1 816 3 1.2% 0 0.0% $1,280 $1.57 $1,267 $1.55 1.0%
1 1 822 3 1.2% 3 100% $1,400 $1.70 $1,386 $1.69 1.0%
1 1 873 6 2.5% 2 33.3% $1,325 $1.52 $1,312 $1.50 1.0%
1 1 914 3 1.2% 1 33.3% $1,390 $1.52 $1,376 $1.51 1.0%
1 1 934 1 0.4% 0 0.0% $2,058 $2.20 $2,037 $2.18 1.0%
1 1 1,057 4 1.7% 2 50.0% $2,281 $2.16 $2,258 $2.14 1.0%
2 2 963 3 1.2% 3 100% $1,675 $1.74 $1,658 $1.72 1.0%
2 2 996 6 2.5% 3 50.0% $1,623 $1.63 $1,606 $1.61 1.0%
2 2 1,092 3 1.2% 1 33.3% $1,850 $1.69 $1,831 $1.68 1.0%
2 2 1,221 6 2.5% 2 33.3% $1,834 $1.50 $1,815 $1.49 1.0%
2 2 1,294 1 0.4% 0 0.0% $2,524 $1.95 $2,498 $1.93 1.0%
2 2 1,295 3 1.2% 0 0.0% $1,698 $1.31 $1,681 $1.30 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 480 130 53.9% 19 14.6% $1,098 $2.28 $1,087 $2.26 1.0%
All 1 Beds 756 89 36.9% 27 30.3% $1,402 $1.85 $1,388 $1.83 1.0%
All 2 Beds 1,120 22 9.1% 9 40.9% $1,770 $1.58 $1,752 $1.56 1.0%
Totals 641 241 100% 55 22.8% $1,272 $1.98 $1,259 $1.96 1.0%
Updated August 23, 2019Estimate
SITE AMENITIES
Business Center, Clubhouse, Controlled Access, Elevator, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Meal Service,Package Service, Property Manager on Site, Storage Space, Vintage Building
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Eat-in Kitchen, Heating, High Speed Internet Access,Kitchen, Microwave, Range, Security System, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings
RECURRING EXPENSES
Dog Rent $50 Cat Rent $50 Unassigned Garage Parking $60
Storage Fee $15 Free Water, Heat, Trash Removal, Sewe…
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Application Fee $50
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 11
Sphere Apartments 2009 Brook Rent Comp Report | 22
Rent Comparables2009 Brook Rd - Brook Road Apartments
PET POLICY
Cats Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300Restrictions: 2 pet limit. No weight limit for dogs, but we reserve the right to disallow breeds of known aggressive behavior.Dogs Allowed - $0 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300Restrictions: 2 pet limit. No weight limit for dogs, but we reserve the right to disallow breeds of known aggressive behavior.
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 12
Sphere Apartments 2009 Brook Rent Comp Report | 23
Rent Comparables2009 Brook Rd - Brook Road Apartments
4 103 S Davis Ave - Cary Street StationRichmond, Virginia - Uptown Richmond Neighborhood
PROPERTY MANAGER
Legend - GRTC
(804) 495-3628
PROPERTY
1.7 Miles
Property Size: 287 Units, 2 Floors
Avg. Unit Size: 805 SF
Year Built: Jan 2017
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 517 1 0.3% 0 0.0% $1,218 $2.36 $1,214 $2.35 0.3%
1 1 527 1 0.3% 0 0.0% $1,235 $2.34 $1,231 $2.34 0.3%
1 1 541 1 0.3% 0 0.0% $1,260 $2.33 $1,255 $2.32 0.4%
1 1 546 1 0.3% 0 0.0% $1,374 $2.52 $1,369 $2.51 0.4%
1 1 550 3 1.0% 0 0.0% $1,438 $2.61 $1,433 $2.60 0.3%
1 1 560 1 0.3% 0 0.0% $1,242 $2.22 $1,238 $2.21 0.3%
1 1 566 1 0.3% 0 0.0% $1,367 $2.42 $1,362 $2.41 0.4%
1 1 568 1 0.3% 0 0.0% $1,449 $2.55 $1,444 $2.54 0.3%
1 1 570 13 4.5% 0 0.0% $1,436 $2.52 $1,431 $2.51 0.3%
1 1 575 2 0.7% 0 0.0% $1,372 $2.39 $1,368 $2.38 0.3%
1 1 577 15 5.2% 0 0.0% $1,380 $2.39 $1,375 $2.38 0.3%
1 1 580 1 0.3% 0 0.0% $1,243 $2.14 $1,239 $2.14 0.3%
1 1 582 1 0.3% 0 0.0% $1,375 $2.36 $1,370 $2.35 0.4%
1 1 585 1 0.3% 0 0.0% $1,445 $2.47 $1,440 $2.46 0.3%
1 1 588 2 0.7% 0 0.0% $1,403 $2.39 $1,398 $2.38 0.3%
1 1 589 1 0.3% 0 0.0% $1,225 $2.08 $1,221 $2.07 0.3%
1 1 591 4 1.4% 0 0.0% $1,391 $2.35 $1,386 $2.34 0.4%
1 1 593 16 5.6% 0 0.0% $1,437 $2.42 $1,432 $2.41 0.4%
1 1 594 2 0.7% 0 0.0% $1,397 $2.35 $1,392 $2.34 0.4%
1 1 602 1 0.3% 0 0.0% $1,470 $2.44 $1,465 $2.43 0.3%
1 1 604 1 0.3% 0 0.0% $1,361 $2.25 $1,357 $2.25 0.3%
1 1 607 1 0.3% 0 0.0% $1,474 $2.43 $1,469 $2.42 0.3%
1 1 611 3 1.0% 0 0.0% $1,454 $2.38 $1,449 $2.37 0.3%
1 1 614 1 0.3% 0 0.0% $1,360 $2.21 $1,355 $2.21 0.4%
1 1 615 1 0.3% 0 0.0% $1,371 $2.23 $1,366 $2.22 0.4%
1 1 616 1 0.3% 0 0.0% $1,465 $2.38 $1,460 $2.37 0.3%
1 1 617 2 0.7% 0 0.0% $1,429 $2.32 $1,424 $2.31 0.3%
1 1 619 2 0.7% 0 0.0% $1,449 $2.34 $1,444 $2.33 0.3%
1 1 621 3 1.0% 0 0.0% $1,459 $2.35 $1,454 $2.34 0.3%
1 1 622 5 1.7% 0 0.0% $1,397 $2.25 $1,392 $2.24 0.3%
1 1 623 2 0.7% 0 0.0% $1,424 $2.29 $1,419 $2.28 0.4%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 13
Sphere Apartments 2009 Brook Rent Comp Report | 24
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
1 1 625 1 0.3% 0 0.0% $1,300 $2.08 $1,295 $2.07 0.4%
1 1 626 3 1.0% 0 0.0% $1,411 $2.25 $1,406 $2.25 0.4%
1 1 629 2 0.7% 0 0.0% $1,392 $2.21 $1,387 $2.21 0.4%
1 1 632 2 0.7% 1 50.0% $1,416 $2.24 $1,411 $2.23 0.4%
1 1 639 1 0.3% 0 0.0% $1,442 $2.26 $1,436 $2.25 0.4%
1 1 641 6 2.1% 0 0.0% $1,426 $2.22 $1,421 $2.22 0.4%
1 1 643 1 0.3% 0 0.0% $1,329 $2.07 $1,324 $2.06 0.4%
1 1 646 1 0.3% 0 0.0% $1,469 $2.27 $1,463 $2.26 0.4%
1 1 652 1 0.3% 0 0.0% $1,297 $1.99 $1,292 $1.98 0.4%
1 1 676 1 0.3% 0 0.0% $1,496 $2.21 $1,491 $2.21 0.3%
1 1 679 2 0.7% 0 0.0% $1,404 $2.07 $1,399 $2.06 0.4%
1 1 696 1 0.3% 0 0.0% $1,413 $2.03 $1,408 $2.02 0.4%
1 1 705 2 0.7% 0 0.0% $1,456 $2.06 $1,451 $2.06 0.3%
1 1 707 2 0.7% 0 0.0% $1,416 $2.00 $1,411 $2.00 0.4%
1 1 709 5 1.7% 2 40.0% $1,533 $2.16 $1,528 $2.16 0.4%
1 1 718 1 0.3% 0 0.0% $1,493 $2.08 $1,488 $2.07 0.3%
1 1 719 2 0.7% 0 0.0% $1,394 $1.94 $1,389 $1.93 0.4%
1 1 723 16 5.6% 0 0.0% $1,478 $2.04 $1,473 $2.04 0.4%
1 1 739 4 1.4% 0 0.0% $1,478 $2.00 $1,473 $1.99 0.3%
1 1 742 1 0.3% 0 0.0% $1,395 $1.88 $1,390 $1.87 0.4%
1 1 755 1 0.3% 0 0.0% $1,463 $1.94 $1,458 $1.93 0.3%
1 1 775 2 0.7% 0 0.0% $1,561 $2.01 $1,555 $2.01 0.4%
1 1 785 1 0.3% 0 0.0% $1,499 $1.91 $1,494 $1.90 0.3%
1 1 864 1 0.3% 1 100% $1,574 $1.82 $1,568 $1.81 0.4%
1 1 891 1 0.3% 0 0.0% $1,528 $1.71 $1,523 $1.71 0.3%
1 1 929 1 0.3% 0 0.0% $1,558 $1.68 $1,552 $1.67 0.4%
1 1 942 1 0.3% 0 0.0% $1,703 $1.81 $1,697 $1.80 0.4%
1 1 1,023 1 0.3% 0 0.0% $1,564 $1.53 $1,558 $1.52 0.4%
1 1 1,246 1 0.3% 0 0.0% $1,897 $1.52 $1,891 $1.52 0.3%
1 1.5 729 3 1.0% 0 0.0% $1,493 $2.05 $1,488 $2.04 0.3%
1 1.5 735 3 1.0% 0 0.0% $1,495 $2.03 $1,489 $2.03 0.4%
1 1.5 741 1 0.3% 0 0.0% $1,496 $2.02 $1,490 $2.01 0.4%
1 1.5 742 1 0.3% 0 0.0% $1,503 $2.03 $1,497 $2.02 0.4%
1 1.5 757 2 0.7% 0 0.0% $1,480 $1.96 $1,475 $1.95 0.3%
1 1.5 758 2 0.7% 0 0.0% $1,502 $1.98 $1,497 $1.97 0.3%
1 1.5 803 1 0.3% 0 0.0% $1,420 $1.77 $1,415 $1.76 0.4%
1 1.5 824 1 0.3% 0 0.0% $1,550 $1.88 $1,545 $1.88 0.3%
1 1.5 854 4 1.4% 0 0.0% $1,491 $1.75 $1,485 $1.74 0.4%
1 1.5 856 4 1.4% 0 0.0% $1,507 $1.76 $1,502 $1.75 0.3%
1 1.5 878 5 1.7% 0 0.0% $1,594 $1.82 $1,588 $1.81 0.4%
1 1.5 879 1 0.3% 0 0.0% $1,551 $1.76 $1,545 $1.76 0.4%
1 1.5 881 1 0.3% 0 0.0% $1,553 $1.76 $1,548 $1.76 0.3%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 14
Sphere Apartments 2009 Brook Rent Comp Report | 25
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
1 1.5 885 1 0.3% 0 0.0% $1,792 $2.02 $1,786 $2.02 0.3%
1 1.5 886 5 1.7% 0 0.0% $1,572 $1.77 $1,567 $1.77 0.3%
1 1.5 888 3 1.0% 0 0.0% $1,512 $1.70 $1,507 $1.70 0.4%
1 1.5 897 1 0.3% 0 0.0% $1,515 $1.69 $1,510 $1.68 0.3%
1 1.5 898 2 0.7% 0 0.0% $1,542 $1.72 $1,537 $1.71 0.4%
1 1.5 901 1 0.3% 1 100% $1,532 $1.70 $1,526 $1.69 0.4%
1 1.5 902 1 0.3% 0 0.0% $1,534 $1.70 $1,529 $1.70 0.3%
1 1.5 903 2 0.7% 0 0.0% $1,532 $1.70 $1,527 $1.69 0.4%
1 1.5 905 1 0.3% 0 0.0% $1,833 $2.03 $1,827 $2.02 0.3%
1 1.5 911 1 0.3% 0 0.0% $1,471 $1.61 $1,466 $1.61 0.3%
1 1.5 915 1 0.3% 0 0.0% $1,465 $1.60 $1,460 $1.60 0.3%
1 1.5 916 1 0.3% 0 0.0% $1,526 $1.67 $1,521 $1.66 0.3%
1 1.5 918 3 1.0% 0 0.0% $1,519 $1.65 $1,514 $1.65 0.3%
1 1.5 920 2 0.7% 0 0.0% $1,516 $1.65 $1,511 $1.64 0.4%
1 1.5 924 1 0.3% 0 0.0% $1,543 $1.67 $1,537 $1.66 0.4%
1 1.5 928 1 0.3% 0 0.0% $1,553 $1.67 $1,547 $1.67 0.4%
1 1.5 963 1 0.3% 0 0.0% $1,519 $1.58 $1,513 $1.57 0.4%
1 1.5 977 1 0.3% 0 0.0% $1,550 $1.59 $1,545 $1.58 0.3%
1 1.5 987 1 0.3% 0 0.0% $1,517 $1.54 $1,512 $1.53 0.3%
2 1 921 1 0.3% 0 0.0% $1,708 $1.85 $1,704 $1.85 0.2%
2 2 920 1 0.3% 0 0.0% $1,784 $1.94 $1,780 $1.93 0.2%
2 2 929 1 0.3% 0 0.0% $1,847 $1.99 $1,843 $1.98 0.2%
2 2 937 1 0.3% 0 0.0% $1,758 $1.88 $1,753 $1.87 0.3%
2 2 942 2 0.7% 0 0.0% $1,775 $1.88 $1,771 $1.88 0.3%
2 2 943 2 0.7% 0 0.0% $1,762 $1.87 $1,758 $1.86 0.3%
2 2 945 1 0.3% 0 0.0% $1,753 $1.86 $1,748 $1.85 0.3%
2 2 956 1 0.3% 0 0.0% $1,768 $1.85 $1,764 $1.85 0.2%
2 2 958 1 0.3% 0 0.0% $1,774 $1.85 $1,769 $1.85 0.3%
2 2 965 1 0.3% 0 0.0% $1,784 $1.85 $1,780 $1.84 0.2%
2 2 988 1 0.3% 0 0.0% $1,745 $1.77 $1,740 $1.76 0.3%
2 2 1,021 2 0.7% 0 0.0% $1,836 $1.80 $1,832 $1.79 0.2%
2 2 1,026 1 0.3% 0 0.0% $1,857 $1.81 $1,853 $1.81 0.2%
2 2 1,042 1 0.3% 0 0.0% $1,904 $1.83 $1,899 $1.82 0.3%
2 2 1,046 1 0.3% 0 0.0% $1,838 $1.76 $1,833 $1.75 0.3%
2 2 1,058 1 0.3% 0 0.0% $1,838 $1.74 $1,833 $1.73 0.3%
2 2 1,059 1 0.3% 0 0.0% $1,864 $1.76 $1,860 $1.76 0.2%
2 2 1,060 3 1.0% 0 0.0% $1,808 $1.71 $1,804 $1.70 0.2%
2 2 1,061 1 0.3% 0 0.0% $1,841 $1.74 $1,837 $1.73 0.2%
2 2 1,062 2 0.7% 0 0.0% $1,872 $1.76 $1,867 $1.76 0.2%
2 2 1,063 5 1.7% 0 0.0% $1,858 $1.75 $1,853 $1.74 0.2%
2 2 1,064 2 0.7% 0 0.0% $1,912 $1.80 $1,908 $1.79 0.2%
2 2 1,067 3 1.0% 0 0.0% $1,919 $1.80 $1,914 $1.79 0.2%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 15
Sphere Apartments 2009 Brook Rent Comp Report | 26
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
2 2 1,080 1 0.3% 0 0.0% $1,829 $1.69 $1,825 $1.69 0.2%
2 2 1,092 8 2.8% 1 12.5% $1,907 $1.75 $1,902 $1.74 0.2%
2 2 1,093 1 0.3% 0 0.0% $1,885 $1.72 $1,881 $1.72 0.2%
2 2 1,108 1 0.3% 0 0.0% $1,889 $1.70 $1,884 $1.70 0.3%
2 2 1,146 1 0.3% 0 0.0% $1,867 $1.63 $1,862 $1.62 0.3%
2 2 1,188 1 0.3% 0 0.0% $1,894 $1.59 $1,889 $1.59 0.3%
2 2 1,206 1 0.3% 0 0.0% $1,868 $1.55 $1,863 $1.54 0.3%
2 2 1,208 2 0.7% 0 0.0% $2,141 $1.77 $2,136 $1.77 0.2%
2 2 1,209 2 0.7% 0 0.0% $2,108 $1.74 $2,103 $1.74 0.2%
2 2 1,211 1 0.3% 0 0.0% $1,915 $1.58 $1,911 $1.58 0.2%
2 2 1,246 11 3.8% 0 0.0% $1,992 $1.60 $1,987 $1.59 0.2%
2 2 1,247 1 0.3% 0 0.0% $1,890 $1.52 $1,886 $1.51 0.2%
2 2 1,269 1 0.3% 0 0.0% $1,917 $1.51 $1,913 $1.51 0.2%
2 2 1,274 1 0.3% 0 0.0% $1,914 $1.50 $1,909 $1.50 0.3%
2 2 1,299 1 0.3% 0 0.0% $1,864 $1.43 $1,859 $1.43 0.3%
3 2 1,494 1 0.3% 0 0.0% $2,305 $1.54 $2,300 $1.54 0.2%
3 2 1,509 1 0.3% 0 0.0% $2,303 $1.53 $2,298 $1.52 0.2%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 703 215 74.9% 5 2.3% $1,459 $2.08 $1,454 $2.07 0.3%
All 2 Beds 1,100 70 24.4% 1 1.4% $1,889 $1.72 $1,885 $1.71 0.2%
All 3 Beds 1,502 2 0.7% 0 0.0% $2,304 $1.53 $2,299 $1.53 0.2%
Totals 805 287 100% 6 2.1% $1,570 $1.95 $1,565 $1.94 0.3%
Updated August 21, 2019Estimate
SITE AMENITIES
Fitness Center
UNIT AMENITIES
Air Conditioning, Cable Ready, Dishwasher, Disposal, Heating, Kitchen, Oven, Range, Tub/Shower, Washer/Dryer, Window Coverings
RECURRING EXPENSES
Dog Rent $0 Cat Rent $0 Free Water, Electricity, Trash Removal,…
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Application Fee $50
PET POLICY
Cats Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $0 Deposit, $0/Mo, 2 Maximum, One-Time Fee: $300
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 16
Sphere Apartments 2009 Brook Rent Comp Report | 27
Rent Comparables2009 Brook Rd - Brook Road Apartments
5 2323 E Main St - Main 2323Richmond, Virginia - Shockoe Bottom Neighborhood
PROPERTY MANAGER
Property Results - Main 2323
(804) 233-8330
PROPERTY
2.6 Miles
Property Size: 71 Units, 3 Floors
Avg. Unit Size: 617 SF
Year Built: Feb 2016
Type: Apartments - All
Rent Type:
Parking: 10 Spaces; 0.1 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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 1 550 18 25.4% 0 0.0% $1,075 $1.95 $1,072 $1.95 0.3%
1 1 600 39 54.9% 0 0.0% $1,195 $1.99 $1,191 $1.99 0.3%
1 1.5 672 4 5.6% 0 0.0% $1,272 $1.89 $1,267 $1.89 0.3%
2 2 782 10 14.1% 1 10.0% $1,395 $1.78 $1,381 $1.77 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 550 18 25.4% 0 0.0% $1,075 $1.95 $1,072 $1.95 0.3%
All 1 Beds 607 43 60.6% 0 0.0% $1,202 $1.98 $1,198 $1.98 0.3%
All 2 Beds 782 10 14.1% 1 10.0% $1,395 $1.78 $1,381 $1.77 1.0%
Totals 617 71 100% 1 1.4% $1,197 $1.94 $1,192 $1.93 0.4%
Updated August 21, 2019Estimate
SITE AMENITIES
Clubhouse, Courtyard, Fitness Center
UNIT AMENITIES
Ceiling Fans, Hardwood Floors, Satellite TV, Stainless Steel Appliances, Wi-Fi
RECURRING EXPENSES
Free Water, Trash Removal, Sewer
ONE TIME EXPENSES
Application Fee $75
PET POLICY
Cats AllowedDogs Allowed
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
Page 17
Sphere Apartments 2009 Brook Rent Comp Report | 28
Rent Comparables2009 Brook Rd - Brook Road Apartments
6 1817 E Main St - The OverviewRichmond, Virginia - Shockoe Bottom Neighborhood
PROPERTY MANAGER
Main Street - The Overview
(804) 643-5638
PROPERTY
2.3 Miles
Property Size: 201 Units, 8 Floors
Avg. Unit Size: 802 SF
Year Built: Apr 2017
Type: Apartments - All
Rent Type:
Parking: 300 Spaces; 1.5 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 645 6 3.0% 0 0.0% $1,301 $2.02 $1,293 $2.00 0.6%
1 1 654 3 1.5% 3 100% $1,467 $2.24 $1,458 $2.23 0.6%
1 1 682 6 3.0% 0 0.0% $1,322 $1.94 $1,314 $1.93 0.6%
1 1 683 52 25.9% 4 7.7% $1,391 $2.04 $1,383 $2.02 0.6%
1 1 693 6 3.0% 0 0.0% $1,368 $1.97 $1,360 $1.96 0.6%
1 1 750 6 3.0% 1 16.7% $1,592 $2.12 $1,582 $2.11 0.6%
1 1 760 5 2.5% 1 20.0% $1,643 $2.16 $1,633 $2.15 0.6%
1 1 782 43 21.4% 0 0.0% $1,577 $2.02 $1,567 $2.00 0.6%
1 1 799 6 3.0% 0 0.0% $1,501 $1.88 $1,492 $1.87 0.6%
1 1 871 6 3.0% 0 0.0% $1,541 $1.77 $1,531 $1.76 0.6%
1 2 760 4 2.0% 0 0.0% $1,475 $1.94 $1,466 $1.93 0.6%
1 2 886 4 2.0% 0 0.0% $1,625 $1.83 $1,615 $1.82 0.6%
1 2 914 4 2.0% 0 0.0% $1,550 $1.70 $1,540 $1.69 0.6%
2 2 985 47 23.4% 1 2.1% $1,745 $1.77 $1,734 $1.76 0.6%
2 2 1,085 3 1.5% 1 33.3% $1,946 $1.79 $1,934 $1.78 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 740 151 75.1% 9 6.0% $1,477 $2.00 $1,468 $1.98 0.6%
All 2 Beds 991 50 24.9% 2 4.0% $1,757 $1.77 $1,746 $1.76 0.6%
Totals 803 201 100% 11 5.5% $1,547 $1.93 $1,537 $1.92 0.6%
Updated August 30, 2019Estimate
SITE AMENITIES
Clubhouse, Courtyard, Fitness Center, Gated, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Dishwasher, Disposal, Hardwood Floors, High Speed Internet Access, Microwave, Refrigerator, Views,Washer/Dryer, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Unassigned Covered Parking $100
Storage Fee $50 Free Gas, Water, Electricity, Heat, Trash…
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 29
Rent Comparables2009 Brook Rd - Brook Road Apartments
ONE TIME EXPENSES
Dog Fee $350 Cat Fee $350 Application Fee $50
PET POLICY
Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $350Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $350
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 30
Rent Comparables2009 Brook Rd - Brook Road Apartments
7 119 N 1st St - Matrix MidtownRichmond, Virginia - Midtown Richmond Neighborhood
PROPERTY MANAGER
Legend - Matrix Midtown
(804) 340-7446
PROPERTY
1.5 Miles
Property Size: 47 Units, 4 Floors
Avg. Unit Size: 804 SF
Year Built: Aug 2016
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 547 1 2.1% 0 0.0% $1,102 $2.01 $1,100 $2.01 0.2%
1 1 564 1 2.1% 0 0.0% $1,175 $2.08 $1,172 $2.08 0.3%
1 1 570 1 2.1% 0 0.0% $1,279 $2.24 $1,276 $2.24 0.2%
1 1 573 1 2.1% 0 0.0% $1,294 $2.26 $1,291 $2.25 0.2%
1 1 575 1 2.1% 0 0.0% $1,318 $2.29 $1,314 $2.29 0.3%
1 1 578 1 2.1% 0 0.0% $1,263 $2.19 $1,259 $2.18 0.3%
1 1 583 1 2.1% 0 0.0% $1,249 $2.14 $1,246 $2.14 0.2%
1 1 584 1 2.1% 0 0.0% $1,227 $2.10 $1,224 $2.10 0.2%
1 1 586 1 2.1% 1 100% $1,203 $2.05 $1,199 $2.05 0.3%
1 1 587 2 4.3% 0 0.0% $1,201 $2.05 $1,198 $2.04 0.2%
1 1 590 1 2.1% 0 0.0% $1,273 $2.16 $1,270 $2.15 0.2%
1 1 591 5 10.6% 0 0.0% $1,235 $2.09 $1,232 $2.08 0.3%
1 1 599 1 2.1% 0 0.0% $1,268 $2.12 $1,264 $2.11 0.3%
1 1 601 1 2.1% 0 0.0% $1,239 $2.06 $1,236 $2.06 0.2%
1 1 612 1 2.1% 0 0.0% $1,286 $2.10 $1,283 $2.10 0.2%
1 1 617 1 2.1% 0 0.0% $1,271 $2.06 $1,268 $2.06 0.2%
1 1 621 1 2.1% 0 0.0% $1,317 $2.12 $1,313 $2.11 0.3%
1 1 622 1 2.1% 0 0.0% $1,284 $2.06 $1,281 $2.06 0.2%
1 1 639 2 4.3% 0 0.0% $1,275 $1.99 $1,271 $1.99 0.3%
1 1 668 1 2.1% 0 0.0% $1,325 $1.98 $1,322 $1.98 0.2%
2 2 791 1 2.1% 0 0.0% $1,616 $2.04 $1,612 $2.04 0.2%
2 2 809 1 2.1% 0 0.0% $1,608 $1.99 $1,604 $1.98 0.2%
2 2 923 2 4.3% 0 0.0% $1,665 $1.80 $1,661 $1.80 0.2%
2 2 961 1 2.1% 0 0.0% $1,802 $1.88 $1,798 $1.87 0.2%
2 2 967 1 2.1% 0 0.0% $1,821 $1.88 $1,816 $1.88 0.3%
2 2 972 1 2.1% 0 0.0% $1,811 $1.86 $1,807 $1.86 0.2%
2 2 984 1 2.1% 0 0.0% $1,813 $1.84 $1,808 $1.84 0.3%
2 2 985 1 2.1% 0 0.0% $1,809 $1.84 $1,804 $1.83 0.3%
2 2 990 2 4.3% 0 0.0% $1,809 $1.83 $1,805 $1.82 0.2%
2 2 994 1 2.1% 0 0.0% $1,822 $1.83 $1,818 $1.83 0.2%
2 2 1,070 1 2.1% 0 0.0% $1,847 $1.73 $1,842 $1.72 0.3%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 31
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
3 3 1,075 1 2.1% 0 0.0% $2,009 $1.87 $2,004 $1.86 0.2%
3 3 1,094 1 2.1% 0 0.0% $2,012 $1.84 $2,007 $1.83 0.2%
3 3 1,115 2 4.3% 0 0.0% $2,016 $1.81 $2,011 $1.80 0.2%
3 3 1,219 1 2.1% 0 0.0% $2,137 $1.75 $2,131 $1.75 0.3%
3 3 1,312 1 2.1% 0 0.0% $2,173 $1.66 $2,168 $1.65 0.2%
3 3 1,496 1 2.1% 0 0.0% $2,513 $1.68 $2,507 $1.68 0.2%
3 3 1,517 1 2.1% 0 0.0% $2,363 $1.56 $2,357 $1.55 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 596 26 55.3% 1 3.9% $1,250 $2.10 $1,247 $2.09 0.3%
All 2 Beds 951 13 27.7% 0 0.0% $1,761 $1.85 $1,757 $1.85 0.2%
All 3 Beds 1,243 8 17.0% 0 0.0% $2,155 $1.73 $2,150 $1.73 0.2%
Totals 804 47 100% 1 2.1% $1,545 $1.92 $1,542 $1.92 0.3%
Updated August 08, 2019Estimate
UNIT AMENITIES
Balcony, Granite Countertops, Hardwood Floors, Microwave, Washer/Dryer
RECURRING EXPENSES
Free Water, Electricity, Trash Removal,…
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Application Fee $50
PET POLICY
Cats Allowed - 2 Maximum, One-Time Fee: $300Dogs Allowed - 2 Maximum, One-Time Fee: $300
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 32
Rent Comparables2009 Brook Rd - Brook Road Apartments
8 406 Shafer St - The Square ApartmentsRichmond, Virginia - Midtown Richmond Neighborhood
PROPERTY MANAGER
Matrix - The Square Apartments
(804) 823-3082
PROPERTY
0.8 Miles
Property Size: 152 Units, 11 Floors
Avg. Unit Size: 778 SF
Year Built: Aug 2014
Type: Apartments - All
Rent Type:
Parking: 50 Spaces; 0.3 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 537 9 5.9% 0 0.0% $1,237 $2.30 $1,234 $2.30 0.3%
1 1 541 9 5.9% 0 0.0% $1,237 $2.29 $1,234 $2.28 0.3%
1 1 543 9 5.9% 0 0.0% $1,199 $2.21 $1,196 $2.20 0.3%
1 1 544 9 5.9% 0 0.0% $1,199 $2.20 $1,196 $2.20 0.3%
1 1 552 9 5.9% 0 0.0% $1,199 $2.17 $1,196 $2.17 0.3%
1 1 557 9 5.9% 0 0.0% $1,199 $2.15 $1,196 $2.15 0.3%
1 1 579 10 6.6% 0 0.0% $1,247 $2.15 $1,244 $2.15 0.2%
1 1 606 10 6.6% 0 0.0% $1,203 $1.99 $1,200 $1.98 0.2%
2 2 787 9 5.9% 0 0.0% $1,496 $1.90 $1,492 $1.90 0.2%
2 2 789 9 5.9% 0 0.0% $1,474 $1.87 $1,471 $1.86 0.2%
2 2 899 9 5.9% 0 0.0% $1,607 $1.79 $1,603 $1.78 0.3%
2 2 920 10 6.6% 0 0.0% $1,598 $1.74 $1,594 $1.73 0.3%
2 2 942 9 5.9% 0 0.0% $1,474 $1.56 $1,471 $1.56 0.2%
3 2 1,051 1 0.7% 0 0.0% $2,123 $2.02 $2,118 $2.02 0.2%
3 2 1,127 9 5.9% 0 0.0% $2,124 $1.88 $2,118 $1.88 0.3%
3 2.5 1,203 9 5.9% 0 0.0% $2,124 $1.77 $2,118 $1.76 0.3%
3 3 1,027 1 0.7% 0 0.0% $2,674 $2.60 $2,667 $2.60 0.3%
3 3 1,127 1 0.7% 0 0.0% $1,992 $1.77 $1,987 $1.76 0.3%
3 3 1,167 10 6.6% 0 0.0% $1,952 $1.67 $1,947 $1.67 0.3%
3 3 1,203 1 0.7% 0 0.0% $2,123 $1.76 $2,118 $1.76 0.2%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 33
Rent Comparables2009 Brook Rd - Brook Road Apartments
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 558 74 48.7% 0 0.0% $1,216 $2.18 $1,213 $2.17 0.3%
All 2 Beds 869 46 30.3% 0 0.0% $1,531 $1.76 $1,528 $1.76 0.2%
All 3 Beds 1,158 32 21.1% 0 0.0% $2,083 $1.80 $2,078 $1.79 0.3%
Totals 778 152 100% 0 0.0% $1,494 $1.92 $1,490 $1.91 0.3%
Updated August 01, 2019Estimate
SITE AMENITIES
24 Hour Access, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Elevator, Fitness Center, GuestApartment, Maintenance on site, On-Site Retail, Package Service, Property Manager on Site, Recycling, Roof Terrace, Security System,Sundeck, Trash Pickup - Door to Door
UNIT AMENITIES
Air Conditioning, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, High Speed Internet Access, Microwave, Range, RecreationRoom, Refrigerator, Stainless Steel Appliances, Vaulted Ceiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms), Wi-Fi
RECURRING EXPENSES
Dog Rent $10 Cat Rent $10 Assigned Garage Parking $125
Unassigned Garage Parking $125 Free Trash Removal, Cable
ONE TIME EXPENSES
Dog Fee $350-$500 Cat Fee $350-$500 Admin Fee $100
Application Fee $50
PET POLICY
Cats Allowed - $10/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $350-$500Restrictions: The Square is a pet friendly community that welcome two pets per apartment home. Maximum weight limit is 100 lbs. There is a$350 pet fee for the first pet and $500 for two pets. Monthly pet rent is $10 per pet. Aggressive breeds are prohibited. Please call our communityfor complete pet policy details and restrictions.Dogs Allowed - $10/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $350-$500Restrictions: The Square is a pet friendly community that welcome two pets per apartment home. Maximum weight limit is 100 lbs. There is a$350 pet fee for the first pet and $500 for two pets. Monthly pet rent is $10 per pet. Aggressive breeds are prohibited. Please call our communityfor complete pet policy details and restrictions.
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 34
Rent Comparables2009 Brook Rd - Brook Road Apartments
9 500 N 18th St - Atrium Lofts at Cold StorageRichmond, Virginia - Upper Shockoe Valley Neighborhood
PROPERTY MANAGER
Main Street - Atrium Lofts
(804) 237-8264
PROPERTY
2.1 Miles
Property Size: 328 Units, 5 Floors
Avg. Unit Size: 674 SF
Year Built: 1917 Renov 2011
Type: Apartments - All
Rent Type:
Parking: 16 Spaces; 0.0 per Unit
Distance to Subject:
Distance to Transit: -
Market/Affordable
OWNER
-
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 1 486 28 8.5% 1 3.6% $1,153 $2.37 $1,148 $2.36 0.4%
1 1 546 150 45.7% 15 10.0% $1,076 $1.97 $1,072 $1.96 0.4%
2 2 836 150 45.7% 8 5.3% $1,388 $1.66 $1,382 $1.65 0.4%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 486 28 8.5% 1 3.6% $1,153 $2.37 $1,148 $2.36 0.4%
All 1 Beds 546 150 45.7% 15 10.0% $1,076 $1.97 $1,072 $1.96 0.4%
All 2 Beds 836 150 45.7% 8 5.3% $1,388 $1.66 $1,382 $1.65 0.4%
Totals 674 328 100% 24 7.3% $1,225 $1.82 $1,220 $1.81 0.4%
Updated August 30, 2019Estimate
SITE AMENITIES
24 Hour Access, Bicycle Storage, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Health Club Discount, LaundryFacilities, Laundry Service, Maintenance on site, Package Service, Picnic Area, Property Manager on Site, Recycling
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Disposal, Fireplace, Granite Countertops, Handrails, Hardwood Floors, HighSpeed Internet Access, Microwave, Range, Refrigerator, Skylights, Stainless Steel Appliances, Storage Space, Tile Floors, Tub/Shower, VaultedCeiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Storage Fee $35
Free Water, Electricity, Heat, Trash Rem…
ONE TIME EXPENSES
Dog Fee $350 Cat Fee $350 Application Fee $50
PET POLICY
Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $350Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 70 lb, One-Time Fee: $350
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 35
Rent Comparables2009 Brook Rd - Brook Road Apartments
10 1814 Highpoint Ave - Symbol ApartmentsRichmond, Virginia - Scott's Addition Neighborhood
PROPERTY MANAGER
Steelhead - Symbol Apartments
(804) 442-7641
PROPERTY
1.4 Miles
Property Size: 202 Units, 4 Floors
Avg. Unit Size: 916 SF
Year Built: May 2018
Type: Apartments - All
Rent Type:
Parking: 95 Spaces; 0.5 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 565 16 7.9% 1 6.3% $1,302 $2.30 $1,295 $2.29 0.6%
1 1 755 16 7.9% 0 0.0% $1,499 $1.99 $1,491 $1.97 0.6%
1 1 764 4 2.0% 0 0.0% $1,478 $1.93 $1,470 $1.92 0.6%
1 1 774 32 15.8% 1 3.1% $1,483 $1.92 $1,475 $1.91 0.6%
1 1 776 1 0.5% 0 0.0% $1,458 $1.88 $1,449 $1.87 0.6%
1 1 942 2 1.0% 1 50.0% $1,584 $1.68 $1,575 $1.67 0.6%
1 1.5 784 52 25.7% 1 1.9% $1,476 $1.88 $1,468 $1.87 0.6%
2 2 1,130 2 1.0% 1 50.0% $2,021 $1.79 $2,012 $1.78 0.5%
2 2 1,135 12 5.9% 1 8.3% $2,010 $1.77 $2,001 $1.76 0.5%
2 2 1,137 2 1.0% 0 0.0% $2,032 $1.79 $2,023 $1.78 0.5%
2 2 1,158 4 2.0% 0 0.0% $2,032 $1.75 $2,023 $1.75 0.5%
2 2 1,162 17 8.4% 2 11.8% $1,817 $1.56 $1,808 $1.56 0.5%
2 2 1,166 18 8.9% 1 5.6% $2,010 $1.72 $2,001 $1.72 0.5%
2 2.5 1,154 20 9.9% 2 10.0% $1,864 $1.62 $1,855 $1.61 0.5%
2 2.5 1,413 1 0.5% 0 0.0% $2,042 $1.45 $2,032 $1.44 0.5%
3 3 1,510 2 1.0% 0 0.0% $2,332 $1.54 $2,321 $1.54 0.5%
3 3 1,771 1 0.5% 0 0.0% $2,392 $1.35 $2,380 $1.34 0.5%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 751 123 60.9% 4 3.3% $1,460 $1.94 $1,452 $1.93 0.6%
All 2 Beds 1,158 76 37.6% 7 9.2% $1,931 $1.67 $1,922 $1.66 0.5%
All 3 Beds 1,597 3 1.5% 0 0.0% $2,352 $1.47 $2,341 $1.47 0.5%
Totals 917 202 100% 11 5.5% $1,650 $1.80 $1,642 $1.79 0.5%
Updated August 29, 2019Estimate
SITE AMENITIES
Clubhouse, Controlled Access, Fitness Center, Grill, Maintenance on site, On-Site Retail, Pet Washing Station
UNIT AMENITIES
Balcony, Granite Countertops, Heating, Kitchen, Range, Tile Floors, Washer/Dryer
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 36
Rent Comparables2009 Brook Rd - Brook Road Apartments
RECURRING EXPENSES
Dog Rent $40 Cat Rent $40 Unassigned Surface Lot Parking $50
ONE TIME EXPENSES
Dog Deposit $300 Cat Deposit $300 Dog Fee $300-$400
Cat Fee $300-$400 Admin Fee $150 Application Fee $50
PET POLICY
Cats Allowed - $300 Deposit, $40/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $300-$400Restrictions: The Symbol Apartments welcomes two pets per apartment. A $300 Non-Refundable Pet Fee Applies for the 1st Pet, and $100 Non-Refundable Pet Fee for the 2nd Pet. Pet Rent is $25.00 per month for the first pet and $15.00 per month for the second. Pets over 50lbs arewelcome on the first floor only. Please call for additional details. Discounts on Pet Fees and Pet Rent for households with 2 pets will be applied bythe leasing office upon application approval.Dogs Allowed - $300 Deposit, $40/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $300-$400Restrictions: The Symbol Apartments welcomes two pets per apartment. A $300 Non-Refundable Pet Fee Applies for the 1st Pet, and $100 Non-Refundable Pet Fee for the 2nd Pet. Pet Rent is $25.00 per month for the first pet and $15.00 per month for the second. Pets over 50lbs arewelcome on the first floor only. Please call for additional details. Discounts on Pet Fees and Pet Rent for households with 2 pets will be applied bythe leasing office upon application approval.
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 37
Rent Comparables2009 Brook Rd - Brook Road Apartments
11 1335-1387 W Broad St - Coliseum LoftsRichmond, Virginia - The Fan Neighborhood
PROPERTY MANAGER
Dodson - Coliseum Lofts
(804) 355-5638
PROPERTY
0.8 Miles
Property Size: 112 Units, 3 Floors
Avg. Unit Size: 803 SF
Year Built: 1922
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Jun 2015
$12,300,000 ($109,821/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 1 365 1 0.9% 0 0.0% $944 $2.59 $940 $2.58 0.4%
Studio 1 463 1 0.9% 1 100% $1,055 $2.28 $1,051 $2.27 0.4%
Studio 1 465 1 0.9% 0 0.0% $898 $1.93 $894 $1.92 0.4%
Studio 1 468 1 0.9% 0 0.0% $867 $1.85 $863 $1.84 0.5%
Studio 1 469 1 0.9% 0 0.0% $867 $1.85 $863 $1.84 0.5%
Studio 1 483 1 0.9% 0 0.0% $911 $1.89 $907 $1.88 0.4%
Studio 1 554 1 0.9% 0 0.0% $903 $1.63 $899 $1.62 0.4%
Studio 1 556 1 0.9% 0 0.0% $1,040 $1.87 $1,036 $1.86 0.4%
Studio 1 743 2 1.8% 0 0.0% $1,041 $1.40 $1,037 $1.40 0.4%
Studio 1 761 1 0.9% 0 0.0% $951 $1.25 $947 $1.24 0.4%
Studio 1 883 1 0.9% 0 0.0% $1,500 $1.70 $1,494 $1.69 0.4%
Studio 1 910 1 0.9% 0 0.0% $1,250 $1.37 $1,245 $1.37 0.4%
Studio 1 923 1 0.9% 0 0.0% $1,000 $1.08 $996 $1.08 0.4%
Studio 1 983 1 0.9% 0 0.0% $1,229 $1.25 $1,224 $1.25 0.4%
Studio 1 1,152 1 0.9% 0 0.0% $1,300 $1.13 $1,295 $1.12 0.4%
Studio 1 2,090 1 0.9% 0 0.0% $2,122 $1.02 $2,114 $1.01 0.4%
1 1 430 4 3.6% 0 0.0% $973 $2.26 $969 $2.25 0.4%
1 1 511 9 8.0% 0 0.0% $1,029 $2.01 $1,025 $2.01 0.4%
1 1 513 1 0.9% 0 0.0% $1,039 $2.03 $1,035 $2.02 0.4%
1 1 517 1 0.9% 0 0.0% $1,085 $2.10 $1,081 $2.09 0.4%
1 1 620 1 0.9% 0 0.0% $1,321 $2.13 $1,316 $2.12 0.4%
1 1 625 1 0.9% 0 0.0% $1,223 $1.96 $1,218 $1.95 0.4%
1 1 699 1 0.9% 0 0.0% $1,111 $1.59 $1,107 $1.58 0.4%
2 1 782 2 1.8% 0 0.0% $1,223 $1.56 $1,217 $1.56 0.5%
2 1 800 1 0.9% 0 0.0% $1,325 $1.66 $1,319 $1.65 0.5%
2 2 526 9 8.0% 0 0.0% $1,423 $2.71 $1,417 $2.69 0.5%
2 2 688 1 0.9% 0 0.0% $1,392 $2.02 $1,385 $2.01 0.5%
2 2 698 1 0.9% 0 0.0% $1,223 $1.75 $1,217 $1.74 0.5%
2 2 703 1 0.9% 0 0.0% $1,494 $2.13 $1,487 $2.12 0.5%
2 2 733 1 0.9% 0 0.0% $1,464 $2.00 $1,457 $1.99 0.5%
2 2 767 1 0.9% 0 0.0% $1,386 $1.81 $1,379 $1.80 0.5%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 38
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
2 2 768 1 0.9% 0 0.0% $1,172 $1.53 $1,166 $1.52 0.5%
2 2 785 1 0.9% 0 0.0% $1,367 $1.74 $1,360 $1.73 0.5%
2 2 804 1 0.9% 0 0.0% $1,348 $1.68 $1,341 $1.67 0.5%
2 2 830 1 0.9% 0 0.0% $1,448 $1.74 $1,441 $1.74 0.5%
2 2 844 1 0.9% 0 0.0% $1,417 $1.68 $1,410 $1.67 0.5%
2 2 855 1 0.9% 0 0.0% $1,538 $1.80 $1,531 $1.79 0.5%
2 2 863 1 0.9% 0 0.0% $1,442 $1.67 $1,435 $1.66 0.5%
2 2 872 2 1.8% 0 0.0% $1,414 $1.62 $1,407 $1.61 0.5%
2 2 890 1 0.9% 0 0.0% $1,407 $1.58 $1,400 $1.57 0.5%
2 2 892 1 0.9% 0 0.0% $1,438 $1.61 $1,431 $1.60 0.5%
2 2 894 1 0.9% 0 0.0% $1,359 $1.52 $1,352 $1.51 0.5%
2 2 902 1 0.9% 0 0.0% $1,552 $1.72 $1,545 $1.71 0.5%
2 2 912 1 0.9% 0 0.0% $1,638 $1.80 $1,630 $1.79 0.5%
2 2 915 29 25.9% 0 0.0% $1,701 $1.86 $1,693 $1.85 0.5%
2 2 1,013 1 0.9% 0 0.0% $1,596 $1.58 $1,588 $1.57 0.5%
2 2 1,058 1 0.9% 0 0.0% $1,484 $1.40 $1,477 $1.40 0.5%
2 2 1,063 1 0.9% 0 0.0% $1,600 $1.51 $1,592 $1.50 0.5%
2 2 1,064 1 0.9% 0 0.0% $1,600 $1.50 $1,592 $1.50 0.5%
2 2 1,071 1 0.9% 0 0.0% $1,668 $1.56 $1,660 $1.55 0.5%
2 2 1,079 1 0.9% 0 0.0% $1,570 $1.46 $1,562 $1.45 0.5%
2 2 1,080 1 0.9% 0 0.0% $1,590 $1.47 $1,582 $1.46 0.5%
2 2 1,084 1 0.9% 0 0.0% $1,580 $1.46 $1,572 $1.45 0.5%
2 2 1,108 1 0.9% 0 0.0% $1,582 $1.43 $1,574 $1.42 0.5%
3 3 722 1 0.9% 0 0.0% $683 $0.95 $676 $0.94 1.0%
3 3 1,017 1 0.9% 1 100% $2,420 $2.38 $2,395 $2.35 1.0%
3 3 1,021 1 0.9% 0 0.0% $2,078 $2.04 $2,057 $2.01 1.0%
3 3 1,079 1 0.9% 0 0.0% $2,078 $1.93 $2,057 $1.91 1.0%
3 3 1,084 1 0.9% 0 0.0% $1,923 $1.77 $1,903 $1.76 1.0%
3 3 1,087 1 0.9% 0 0.0% $2,070 $1.90 $2,049 $1.89 1.0%
3 3 1,286 1 0.9% 0 0.0% $2,242 $1.74 $2,220 $1.73 1.0%
3 3 1,555 1 0.9% 0 0.0% $1,923 $1.24 $1,903 $1.22 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 765 17 15.2% 1 5.9% $1,113 $1.45 $1,108 $1.45 0.4%
All 1 Beds 516 18 16.1% 0 0.0% $1,052 $2.04 $1,048 $2.03 0.4%
All 2 Beds 853 69 61.6% 0 0.0% $1,552 $1.82 $1,545 $1.81 0.5%
All 3 Beds 1,106 8 7.1% 1 12.5% $1,927 $1.74 $1,908 $1.72 1.0%
Totals 803 112 100% 2 1.8% $1,432 $1.78 $1,425 $1.77 0.5%
Updated August 27, 2019Estimate
SITE AMENITIES
Business Center, Controlled Access, Elevator, Gated, Laundry Facilities, Laundry Service, Maintenance on site, On-Site Retail, Package Service,Property Manager on Site, Vintage Building
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 39
Rent Comparables2009 Brook Rd - Brook Road Apartments
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, Kitchen, Loft Layout, Range, Refrigerator,Skylights, Tile Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Window Coverings
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25
ONE TIME EXPENSES
Admin Fee $199 Application Fee $50
PET POLICY
Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $0Restrictions: We currently accept a maximum of 2 pets (2 cats or 2 dogs or 1 cat/1 dog) with a 25lb. weight limit. Breed restrictions also apply.Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 100 lb, One-Time Fee: $0
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 40
Rent Comparables2009 Brook Rd - Brook Road Apartments
12 1650 Overbrook Rd - The CooperageRichmond, Virginia - The Diamond Neighborhood
PROPERTY MANAGER
Main Street - The Cooperage
(804) 649-7579
PROPERTY
0.8 Miles
Property Size: 117 Units, 2 Floors
Avg. Unit Size: 919 SF
Year Built: Dec 2017
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 623 1 0.9% 1 100% $1,293 $2.08 $1,289 $2.07 0.3%
1 1 654 49 41.9% 0 0.0% $1,351 $2.07 $1,347 $2.06 0.3%
1 1 725 1 0.9% 1 100% $1,293 $1.78 $1,289 $1.78 0.3%
1 1.5 1,232 13 11.1% 0 0.0% $1,839 $1.49 $1,834 $1.49 0.3%
1 2 882 12 10.3% 1 8.3% $1,570 $1.78 $1,565 $1.77 0.3%
2 2 1,013 13 11.1% 0 0.0% $1,897 $1.87 $1,892 $1.87 0.3%
2 2 1,160 15 12.8% 2 13.3% $1,848 $1.59 $1,842 $1.59 0.3%
2 2 1,308 13 11.1% 0 0.0% $1,943 $1.49 $1,938 $1.48 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 789 76 65.0% 3 4.0% $1,468 $1.86 $1,463 $1.85 0.3%
All 2 Beds 1,160 41 35.0% 2 4.9% $1,894 $1.63 $1,888 $1.63 0.3%
Totals 919 117 100% 5 4.3% $1,617 $1.76 $1,612 $1.75 0.3%
Updated August 25, 2019Estimate
SITE AMENITIES
Clubhouse, Concierge, Courtyard, Fitness Center, Gated, Grill, Laundry Facilities, Laundry Service, Picnic Area, Pool, Property Manager on Site,Recycling
UNIT AMENITIES
Air Conditioning, Carpet, Granite Countertops, Heating, High Speed Internet Access, Oven, Range, Refrigerator, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Free Gas, Water, Electricity, Heat, Trash…
ONE TIME EXPENSES
Dog Deposit $350 Cat Deposit $350 Dog Fee $350
Cat Fee $350 Application Fee $50
PET POLICY
Cats Allowed - $350 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $350Dogs Allowed - $350 Deposit, $25/Mo, Neutering Required, 2 Maximum, Maximum Weight 70 lb, One-Time Fee: $350
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 41
Rent Comparables2009 Brook Rd - Brook Road Apartments
13 3200 Brook Rd - Canopy at Ginter ParkRichmond, Virginia - Sherwood Park Neighborhood
PROPERTY MANAGER
Canopy at Ginter Park
-
PROPERTY
1.1 Miles
Property Size: 301 Units
Avg. Unit Size: 912 SF
Year Built: Jul 2019
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 629 1 0.3% 1 100% $1,199 $1.91 $1,199 $1.91 0.0%
1 1 699 39 13.0% 3 7.7% $1,390 $1.99 $1,390 $1.99 0.0%
1 1 726 48 15.9% 3 6.3% $1,370 $1.89 $1,370 $1.89 0.0%
1 1 750 43 14.3% 3 7.0% $1,300 $1.73 $1,300 $1.73 0.0%
1 1 755 1 0.3% 1 100% $1,366 $1.81 $1,366 $1.81 0.0%
1 1 784 37 12.3% 3 8.1% $1,265 $1.61 $1,265 $1.61 0.0%
1 1 808 1 0.3% 1 100% $1,462 $1.81 $1,462 $1.81 0.0%
1 1 848 17 5.6% 3 17.7% $1,565 $1.85 $1,565 $1.85 0.0%
2 2 1,050 10 3.3% 3 30.0% $1,695 $1.61 $1,695 $1.61 0.0%
2 2 1,082 19 6.3% 3 15.8% $1,835 $1.70 $1,835 $1.70 0.0%
2 2 1,127 24 8.0% 3 12.5% $1,750 $1.55 $1,750 $1.55 0.0%
2 2 1,204 28 9.3% 3 10.7% $2,130 $1.77 $2,130 $1.77 0.0%
2 2 1,237 18 6.0% 3 16.7% $1,910 $1.54 $1,910 $1.54 0.0%
2 2 1,317 12 4.0% 3 25.0% $2,020 $1.53 $2,020 $1.53 0.0%
2 2 1,536 1 0.3% 1 100% $2,512 $1.64 $2,512 $1.64 0.0%
3 2 1,623 2 0.7% 2 100% $2,583 $1.59 $2,583 $1.59 0.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 749 187 62.1% 18 9.6% $1,355 $1.81 $1,355 $1.81 0.0%
All 2 Beds 1,173 112 37.2% 19 17.0% $1,916 $1.63 $1,916 $1.63 0.0%
All 3 Beds 1,623 2 0.7% 2 100% $2,583 $1.59 $2,583 $1.59 0.0%
Totals 912 301 100% 39 13.0% $1,572 $1.72 $1,572 $1.72 0.0%
Updated August 19, 2019Estimate
SITE AMENITIES
Clubhouse, Fitness Center, Pet Washing Station
UNIT AMENITIES
Kitchen
RECURRING EXPENSES
Dog Rent $0 Cat Rent $0
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Sphere Apartments 2009 Brook Rent Comp Report | 42
Rent Comparables2009 Brook Rd - Brook Road Apartments
PET POLICY
Cats Allowed - $0 Deposit, $0/Mo, One-Time Fee: $0Dogs Allowed - $0 Deposit, $0/Mo, One-Time Fee: $0
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 43
Rent Comparables2009 Brook Rd - Brook Road Apartments
14 900 Terminal Pl - Cookie Factory LoftsRichmond, Virginia - Midtown Richmond Neighborhood
PROPERTY MANAGER
Pondok - Cookie Factory Lofts
(804) 234-3539
PROPERTY
1.2 Miles
Property Size: 178 Units, 6 Floors
Avg. Unit Size: 851 SF
Year Built: Apr 2015
Type: Apartments - All
Rent Type:
Parking: 245 Spaces; 1.4 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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 1 548 2 1.1% 0 0.0% $994 $1.81 $991 $1.81 0.3%
Studio 1 561 2 1.1% 2 100% $970 $1.73 $968 $1.72 0.3%
Studio 1 577 2 1.1% 0 0.0% $947 $1.64 $945 $1.64 0.3%
Studio 1 642 2 1.1% 1 50.0% $1,050 $1.64 $1,047 $1.63 0.3%
Studio 1 1,056 2 1.1% 0 0.0% $947 $0.90 $945 $0.89 0.3%
1 1 633 3 1.7% 1 33.3% $1,100 $1.74 $1,097 $1.73 0.3%
1 1 641 3 1.7% 1 33.3% $1,100 $1.72 $1,097 $1.71 0.3%
1 1 646 3 1.7% 0 0.0% $1,121 $1.73 $1,118 $1.73 0.2%
1 1 650 3 1.7% 0 0.0% $1,145 $1.76 $1,142 $1.76 0.3%
1 1 669 3 1.7% 0 0.0% $1,171 $1.75 $1,168 $1.75 0.3%
1 1 682 3 1.7% 0 0.0% $1,270 $1.86 $1,267 $1.86 0.2%
1 1 683 3 1.7% 1 33.3% $1,300 $1.90 $1,297 $1.90 0.3%
1 1 684 6 3.4% 1 16.7% $1,225 $1.79 $1,222 $1.79 0.2%
1 1 701 3 1.7% 0 0.0% $1,121 $1.60 $1,118 $1.59 0.2%
1 1 706 3 1.7% 0 0.0% $1,121 $1.59 $1,118 $1.58 0.2%
1 1 707 3 1.7% 1 33.3% $1,225 $1.73 $1,222 $1.73 0.3%
1 1 712 3 1.7% 0 0.0% $1,121 $1.57 $1,118 $1.57 0.2%
1 1 714 3 1.7% 0 0.0% $1,121 $1.57 $1,118 $1.57 0.2%
1 1 718 3 1.7% 1 33.3% $1,200 $1.67 $1,197 $1.67 0.3%
1 1 720 3 1.7% 0 0.0% $1,121 $1.56 $1,118 $1.55 0.2%
1 1 723 3 1.7% 0 0.0% $1,335 $1.85 $1,332 $1.84 0.2%
1 1 750 3 1.7% 0 0.0% $1,121 $1.49 $1,118 $1.49 0.2%
1 1 751 3 1.7% 1 33.3% $1,200 $1.60 $1,197 $1.59 0.3%
1 1 792 3 1.7% 0 0.0% $1,121 $1.41 $1,118 $1.41 0.2%
1 1 806 3 1.7% 0 0.0% $1,121 $1.39 $1,118 $1.39 0.2%
1 1 807 2 1.1% 0 0.0% $1,121 $1.39 $1,118 $1.39 0.2%
1 1 811 2 1.1% 0 0.0% $1,356 $1.67 $1,353 $1.67 0.3%
1 1 868 2 1.1% 0 0.0% $1,121 $1.29 $1,118 $1.29 0.2%
1 1 871 2 1.1% 0 0.0% $1,121 $1.29 $1,118 $1.28 0.2%
1 1 872 2 1.1% 0 0.0% $1,415 $1.62 $1,412 $1.62 0.2%
1 1 873 2 1.1% 0 0.0% $1,121 $1.28 $1,118 $1.28 0.2%
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 44
Rent Comparables2009 Brook Rd - Brook Road Apartments
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 CONTINUED
1 1 878 3 1.7% 1 33.3% $1,300 $1.48 $1,297 $1.48 0.3%
1 1 963 2 1.1% 0 0.0% $1,121 $1.16 $1,118 $1.16 0.2%
1 1 964 3 1.7% 0 0.0% $1,460 $1.51 $1,456 $1.51 0.3%
1 1.5 829 1 0.6% 1 100% $1,225 $1.48 $1,221 $1.47 0.3%
1 1.5 830 17 9.6% 1 5.9% $1,300 $1.57 $1,297 $1.56 0.3%
2 1 896 2 1.1% 1 50.0% $1,550 $1.73 $1,546 $1.73 0.3%
2 2 - - - - - $1,700 - $1,695 - 0.3%
2 2 531 3 1.7% 0 0.0% $1,624 $3.06 $1,620 $3.05 0.2%
2 2 854 3 1.7% 1 33.3% $1,500 $1.76 $1,496 $1.75 0.3%
2 2 897 3 1.7% 0 0.0% $1,624 $1.81 $1,620 $1.81 0.2%
2 2 931 3 1.7% 1 33.3% $1,600 $1.72 $1,596 $1.71 0.3%
2 2 945 3 1.7% 1 33.3% $1,700 $1.80 $1,696 $1.79 0.3%
2 2 946 3 1.7% 0 0.0% $1,700 $1.80 $1,696 $1.79 0.3%
2 2 949 3 1.7% 1 33.3% $1,700 $1.79 $1,696 $1.79 0.3%
2 2 969 3 1.7% 0 0.0% $1,700 $1.75 $1,696 $1.75 0.3%
2 2 989 6 3.4% 2 33.3% $1,700 $1.72 $1,696 $1.71 0.3%
2 2 994 3 1.7% 1 33.3% $1,500 $1.51 $1,496 $1.51 0.3%
2 2 1,006 3 1.7% 1 33.3% $1,600 $1.59 $1,596 $1.59 0.3%
2 2 1,019 3 1.7% 0 0.0% $1,831 $1.80 $1,827 $1.79 0.3%
2 2 1,022 3 1.7% 1 33.3% $1,700 $1.66 $1,696 $1.66 0.3%
2 2 1,023 3 1.7% 1 33.3% $1,625 $1.59 $1,621 $1.58 0.3%
2 2 1,054 3 1.7% 0 0.0% $1,624 $1.54 $1,620 $1.54 0.2%
2 2 1,055 2 1.1% 0 0.0% $2,130 $2.02 $2,125 $2.01 0.3%
2 2 1,078 2 1.1% 0 0.0% $1,763 $1.63 $1,759 $1.63 0.2%
2 2 1,082 2 1.1% 1 50.0% $1,500 $1.39 $1,496 $1.38 0.3%
2 2 1,085 2 1.1% 0 0.0% $1,736 $1.60 $1,731 $1.60 0.3%
2 2 1,269 2 1.1% 0 0.0% $2,777 $2.19 $2,771 $2.18 0.2%
3 2 - - - - - $2,000 - $1,995 - 0.3%
3 2 1,170 2 1.1% 1 50.0% $2,150 $1.84 $2,145 $1.83 0.3%
3 2 1,298 2 1.1% 1 50.0% $2,025 $1.56 $2,020 $1.56 0.3%
3 2 1,451 1 0.6% 1 100% $2,400 $1.65 $2,394 $1.65 0.3%
3 2 1,494 1 0.6% 1 100% $2,200 $1.47 $2,194 $1.47 0.3%
3 2.5 1,269 1 0.6% 0 0.0% $2,419 $1.91 $2,413 $1.90 0.2%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 677 10 5.6% 3 30.0% $982 $1.45 $979 $1.45 0.3%
All 1 Beds 761 101 56.7% 10 9.9% $1,209 $1.59 $1,206 $1.58 0.2%
All 2 Beds 971 60 33.7% 12 20.0% $1,703 $1.75 $1,699 $1.75 0.3%
All 3 Beds 1,307 7 3.9% 4 57.1% $2,171 $1.68 $2,166 $1.68 0.3%
Totals 849 178 100% 29 16.3% $1,407 $1.65 $1,403 $1.65 0.3%
Updated August 27, 2019Estimate
SITE AMENITIES
Business Center, Elevator, Fitness Center, Roof Terrace
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 45
Rent Comparables2009 Brook Rd - Brook Road Apartments
UNIT AMENITIES
Air Conditioning, Smoke Free, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Assigned Garage Parking $0
Assigned Surface Lot Parking $0 Unassigned Garage Parking $75 Unassigned Surface Lot Parking $0
Free Trash Removal
ONE TIME EXPENSES
Dog Deposit $300 Dog Fee $300 Cat Fee $300
Application Fee $44
PET POLICY
Birds AllowedCats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $300 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Restrictions: Agressive Breeds Not AllowedOthers Allowed - 2 Maximum
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 46
Rent Comparables2009 Brook Rd - Brook Road Apartments
15 2017 Brook Rd - SpectrumRichmond, Virginia - Virginia Union Neighborhood
PROPERTY MANAGER
Dodson - The Spectrum Apartments
(804) 823-3939
PROPERTY
0.0 Miles
Property Size: 103 Units, 3 Floors
Avg. Unit Size: 793 SF
Year Built: Jun 2015
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Feb 2017
$11,424,384 ($110,916/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
1 1 492 30 29.1% 1 3.3% $1,005 $2.04 $995 $2.02 1.0%
1 1 742 20 19.4% 2 10.0% $1,150 $1.55 $1,139 $1.53 1.0%
1 1 840 7 6.8% 0 0.0% $1,179 $1.40 $1,167 $1.39 1.0%
1 1 860 7 6.8% 1 14.3% $1,186 $1.38 $1,174 $1.36 1.0%
2 2 833 5 4.9% 3 60.0% $1,320 $1.58 $1,307 $1.57 1.0%
2 2 837 5 4.9% 0 0.0% $1,367 $1.63 $1,353 $1.62 1.0%
2 2 860 4 3.9% 1 25.0% $1,325 $1.54 $1,312 $1.53 1.0%
2 2 1,054 5 4.9% 0 0.0% $1,367 $1.30 $1,353 $1.28 1.0%
3 3 998 5 4.9% 1 20.0% $1,905 $1.91 $1,886 $1.89 1.0%
3 3 1,185 5 4.9% 0 0.0% $1,689 $1.43 $1,672 $1.41 1.0%
3 3 1,211 5 4.9% 0 0.0% $1,689 $1.39 $1,672 $1.38 1.0%
3 3 1,232 5 4.9% 0 0.0% $1,689 $1.37 $1,672 $1.36 1.0%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 648 64 62.1% 4 6.3% $1,089 $1.68 $1,078 $1.66 1.0%
All 2 Beds 898 19 18.4% 4 21.1% $1,346 $1.50 $1,332 $1.48 1.0%
All 3 Beds 1,157 20 19.4% 1 5.0% $1,743 $1.51 $1,725 $1.49 1.0%
Totals 793 103 100% 9 8.7% $1,263 $1.59 $1,251 $1.58 1.0%
Updated August 29, 2019Estimate
SITE AMENITIES
24 Hour Access, Business Center, Clubhouse, Controlled Access, Courtyard, Fitness Center, Furnished Units Available, Gameroom, Grill,Lounge, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Cable Ready, Dishwasher, Hardwood Floors, Stainless Steel Appliances, Washer/Dryer, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $35 Cat Rent $35 Unassigned Surface Lot Parking $35
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 47
Rent Comparables2009 Brook Rd - Brook Road Apartments
ONE TIME EXPENSES
Dog Fee $250-$400 Cat Fee $250-$400 Admin Fee $100
Application Fee $50
PET POLICY
Cats Allowed - $35/Mo, 2 Maximum, One-Time Fee: $250-$400Dogs Allowed - $35/Mo, 2 Maximum, One-Time Fee: $250-$400Restrictions: Breed restricted dogs must be temperament tested prior to being approved.
8/30/2019Copyrighted report licensed to One South Commercial - 729463.
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Sphere Apartments 2009 Brook Rent Comp Report | 48
Rent Comparables2009 Brook Rd - Brook Road Apartments
16 3200 W Clay St - Courtyard Lofts at Scott's AdditionRichmond, Virginia - Scott's Addition Neighborhood
PROPERTY MANAGER
Thalhimer - Courtyard Lofts at Scott's Addi…
(804) 242-0398
PROPERTY
1.5 Miles
Property Size: 89 Units, 3 Floors
Avg. Unit Size: 746 SF
Year Built: Sep 2016
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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 1 517 9 10.1% 0 0.0% $1,011 $1.96 $1,009 $1.95 0.3%
1 1 517 1 1.1% 0 0.0% $854 $1.65 $851 $1.65 0.4%
1 1 610 10 11.2% 0 0.0% $913 $1.50 $911 $1.49 0.3%
1 1 638 9 10.1% 1 11.1% $1,148 $1.80 $1,145 $1.79 0.3%
1 1 654 10 11.2% 0 0.0% $1,008 $1.54 $1,005 $1.54 0.3%
1 1 759 10 11.2% 0 0.0% $1,034 $1.36 $1,031 $1.36 0.3%
1 1.5 662 10 11.2% 0 0.0% $1,109 $1.68 $1,106 $1.67 0.3%
1 1.5 749 10 11.2% 0 0.0% $988 $1.32 $986 $1.32 0.3%
2 2 953 5 5.6% 0 0.0% $1,304 $1.37 $1,294 $1.36 0.8%
2 2 1,001 5 5.6% 0 0.0% $1,379 $1.38 $1,369 $1.37 0.8%
2 2 1,013 5 5.6% 0 0.0% $1,357 $1.34 $1,347 $1.33 0.8%
3 3 1,275 5 5.6% 0 0.0% $1,970 $1.55 $1,965 $1.54 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All Studios 517 9 10.1% 0 0.0% $1,011 $1.96 $1,009 $1.95 0.3%
All 1 Beds 677 60 67.4% 1 1.7% $1,028 $1.52 $1,026 $1.52 0.3%
All 2 Beds 989 15 16.9% 0 0.0% $1,347 $1.36 $1,337 $1.35 0.8%
All 3 Beds 1,275 5 5.6% 0 0.0% $1,970 $1.55 $1,965 $1.54 0.3%
Totals 747 89 100% 1 1.1% $1,133 $1.52 $1,129 $1.51 0.4%
Updated August 27, 2019Estimate
SITE AMENITIES
Bicycle Storage, Business Center, Clubhouse, Controlled Access, Fitness Center, Gameroom, Grill, Lounge, Maintenance on site, PackageService, Pet Play Area, Property Manager on Site, Roof Terrace
UNIT AMENITIES
Air Conditioning, Cable Ready, Ceiling Fans, Dishwasher, Granite Countertops, Hardwood Floors, Heating, Ice Maker, Island Kitchen, Microwave,Stainless Steel Appliances, Vaulted Ceiling, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Wi-Fi
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $50
Storage Fee $30 Free Trash Removal
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Sphere Apartments 2009 Brook Rent Comp Report | 49
Rent Comparables2009 Brook Rd - Brook Road Apartments
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Application Fee $32
PET POLICY
Cats Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $25/Mo, 2 Maximum, One-Time Fee: $300
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Rent Comparables2009 Brook Rd - Brook Road Apartments
17 2900 Kensington Ave - Kensington CourtRichmond, Virginia - The Museum District Neighborhood
PROPERTY MANAGER
PMC - Kensington Court
(804) 421-3000
PROPERTY
1.5 Miles
Property Size: 117 Units, 7 Floors
Avg. Unit Size: 992 SF
Year Built: 1930 Renov 2001
Type: Apartments - All
Rent Type:
Parking: -
Distance to Subject:
Distance to Transit: -
Market
OWNER
Purchased Sep 2009
$9,500,000 ($81,197/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
1 1 800 34 29.1% 2 5.9% $968 $1.21 $961 $1.20 0.7%
2 1 1,096 17 14.5% 1 5.9% $1,310 $1.20 $1,303 $1.19 0.6%
2 1.5 773 17 14.5% 1 5.9% $1,198 $1.55 $1,191 $1.54 0.6%
2 2 1,100 33 28.2% 2 6.1% $1,546 $1.41 $1,537 $1.40 0.6%
2 2 1,300 16 13.7% 1 6.3% $1,499 $1.15 $1,490 $1.15 0.6%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 800 34 29.1% 2 5.9% $968 $1.21 $961 $1.20 0.7%
All 2 Beds 1,071 83 70.9% 5 6.0% $1,417 $1.32 $1,409 $1.32 0.6%
Totals 992 117 100% 7 6.0% $1,287 $1.30 $1,279 $1.29 0.6%
Updated July 13, 2019Estimate
SITE AMENITIES
24 Hour Access, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Laundry Facilities, Maintenance on site, Online Services,Property Manager on Site
UNIT AMENITIES
Air Conditioning, Carpet, Double Pane Windows, Hardwood Floors, Heating, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms)
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Unassigned Surface Lot Parking $40
Free Trash Removal
ONE TIME EXPENSES
Dog Fee $300 Cat Fee $300 Application Fee $35
PET POLICY
Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $300Dogs Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 75 lb, One-Time Fee: $300
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Sphere Apartments 2009 Brook Rent Comp Report | 51
Rent Comparables2009 Brook Rd - Brook Road Apartments
18 1215 Hermitage Rd - Southern Stove LoftsRichmond, Virginia - The Diamond Neighborhood
PROPERTY MANAGER
Aneka Guna- Southern Stove Lofts
(804) 422-2222
PROPERTY
0.7 Miles
Property Size: 187 Units, 3 Floors
Avg. Unit Size: 861 SF
Year Built: 1920 Renov 2007
Type: Apartments - All
Rent Type:
Parking: 165 Spaces; 0.9 per Unit
Distance to Subject:
Distance to Transit: -
Market
OWNER
-
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
1 1 843 98 52.4% 1 1.0% $875 $1.04 $875 $1.04 0.0%
1 1.5 792 8 4.3% 0 0.0% $1,125 $1.42 $1,125 $1.42 0.0%
2 1 877 14 7.5% 0 0.0% $1,100 $1.25 $1,100 $1.25 0.0%
2 2 873 62 33.2% 0 0.0% $1,175 $1.35 $1,175 $1.35 0.0%
2 2.5 974 1 0.5% 0 0.0% $1,475 $1.51 $1,475 $1.51 0.0%
3 2 1,171 4 2.1% 0 0.0% $1,700 $1.45 $1,695 $1.45 0.3%
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 839 106 56.7% 1 0.9% $894 $1.07 $894 $1.07 0.0%
All 2 Beds 875 77 41.2% 0 0.0% $1,165 $1.33 $1,165 $1.33 0.0%
All 3 Beds 1,171 4 2.1% 0 0.0% $1,700 $1.45 $1,695 $1.45 0.3%
Totals 861 187 100% 1 0.5% $1,023 $1.19 $1,023 $1.19 0.0%
Updated August 14, 2019Estimate
SITE AMENITIES
Clubhouse, Controlled Access, Elevator, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Package Service, Property Manager onSite, Spa, Storage Space, Sundeck, Tennis Court, Vintage Building
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Hardwood Floors, Heating, High Speed InternetAccess, Kitchen, Loft Layout, Microwave, Range, Skylights, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Storage Fee $40
Free Trash Removal
ONE TIME EXPENSES
Dog Deposit $300 Dog Fee $300 Cat Fee $300
Application Fee $44
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Sphere Apartments 2009 Brook Rent Comp Report | 52
Rent Comparables2009 Brook Rd - Brook Road Apartments
PET POLICY
Cats Allowed - $0 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Dogs Allowed - $300 Deposit, $25/Mo, Pet Interview Required, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $300Restrictions: Breed Restrictions ApplyFishes Allowed
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Rent Comparables by Bedroom2009 Brook Rd - Brook Road Apartments
$1,126 $1,287 $1,642 $2,011Studio Comps One Bed Comps Two Bed Comps Three Bed Comps
Subject
-
Subject
-
Subject
-
Subject
-
1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio
Total Number of Units 247 1,739 985 91
Vacancy Rate 6.5% 11.2% 11.3% 7.0%
Asking Rent Per Unit $1,126 $1,287 $1,642 $2,011
Asking Rent Per SF $2.21 $1.85 $1.67 $1.66
Effective Rents Per Unit $1,117 $1,282 $1,636 $2,002
Effective Rents Per SF $2.19 $1.84 $1.66 $1.65
Concessions 0.7% 0.4% 0.4% 0.5%
Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom
Year-Over-Year Effective Rent Growth 5.8% 0.5% 1.7% 3.9%
Year-Over-Year Vacancy Rate Change
12 Month Net Absorption in Units
0.4%
4
8.3%
94 72
7.2% 2.9%
1
EXISTING UNITS VACANT UNITS
ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS
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Sphere Apartments 2009 Brook Rent Comp Report | 54
Studio Rent Comparables2009 Brook Rd - Brook Road Apartments
Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF
Change in Rent
219 E Broad St
Deco at CNB9.5%-0.2%$2.95
$1,314
$1,023 $1,325
500 N 18th St
Atrium Lofts at Cold Storage13.3%2.2%$2.37
$1,153
1335-1387 W Broad St
Coliseum Lofts1.1%-0.3%$1.45
$1,113
$867 $2,122
101 N 5th St
Residences at the John Marshall2.6%1.4%$2.28
$1,097
$975 $1,325
2323 E Main St
Main 232312.0%0.0%$1.95
$1,075
3200 W Clay St
Courtyard Lofts at Scott's Addi…11.1%0.1%$1.96
$1,011
$1,011
900 Terminal Pl
Cookie Factory Lofts2.9%0.1%$1.45
$982
$947 $1,050
$0 $750 $1,500 $2,250 $3,000
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Sphere Apartments 2009 Brook Rent Comp Report | 55
One Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments
Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
3031 Norfolk St
1 Scott's Addition13.1%-0.3%$1.95
$1,506
$1,413 $1,601
1817 E Main St
The Overview5.2%-2.9%$2.00
$1,477
$1,300 $1,643
1650 Overbrook Rd
The Cooperage4.5%-0.3%$1.86
$1,468
$1,293 $1,839
1814 Highpoint Ave
Symbol Apartments3.4%0.7%$1.94
$1,460
$1,302 $1,584
103 S Davis Ave
Cary Street Station2.0%0.2%$2.08
$1,459
$1,218 $1,897
101 N 5th St
Residences at the John Marshall2.0%0.2%$1.85
$1,398
$1,195 $2,281
3200 Brook Rd
Canopy at Ginter Park-22.8%0.2%$1.81
$1,355
$1,199 $1,565
119 N 1st St
Matrix Midtown1.4%0.0%$2.10
$1,250
$1,102 $1,325
219 E Broad St
Deco at CNB2.1%-0.6%$2.43
$1,225
$999 $1,443
406 Shafer St
The Square Apartments0.6%0.8%$2.18
$1,216
$1,199 $1,247
900 Terminal Pl
Cookie Factory Lofts6.4%0.1%$1.59
$1,209
$1,100 $1,460
2323 E Main St
Main 23239.4%0.0%$1.98
$1,202
$1,195 $1,271
2017 Brook Rd
Spectrum14.4%5.4%$1.68
$1,089
$1,005 $1,185
500 N 18th St
Atrium Lofts at Cold Storage6.6%-5.5%$1.97
$1,076
1335-1387 W Broad St
Coliseum Lofts-4.1%0.0%$2.04
$1,052
$973 $1,321
3200 W Clay St
Courtyard Lofts at Scott's Addi…5.6%3.6%$1.52
$1,028
$854 $1,148
2900 Kensington Ave
Kensington Court1.4%0.0%$1.21
$968
$967
1215 Hermitage Rd
Southern Stove Lofts-1.1%-2.6%$1.07
$894
$875 $1,125
$0 $750 $1,500 $2,250 $3,000
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Sphere Apartments 2009 Brook Rent Comp Report | 56
Two Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments
Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
219 E Broad St
Deco at CNB3.7%-0.2%$2.17
$1,970
$1,729 $2,354
3031 Norfolk St
1 Scott's Addition9.3%1.8%$2.37
$1,950
$1,898 $2,002
1814 Highpoint Ave
Symbol Apartments15.3%-5.3%$1.67
$1,931
$1,816 $2,042
3200 Brook Rd
Canopy at Ginter Park1.0%-0.5%$1.63
$1,916
$1,695 $2,512
1650 Overbrook Rd
The Cooperage8.3%-2.3%$1.63
$1,894
$1,848 $1,943
103 S Davis Ave
Cary Street Station1.9%0.2%$1.72
$1,889
$1,708 $2,141
101 N 5th St
Residences at the John Marshall1.4%0.3%$1.58
$1,770
$1,622 $2,524
119 N 1st St
Matrix Midtown1.6%0.0%$1.85
$1,761
$1,608 $1,847
1817 E Main St
The Overview5.6%2.5%$1.77
$1,757
$1,744 $1,946
900 Terminal Pl
Cookie Factory Lofts1.9%0.1%$1.75
$1,703
$1,500 $2,777
1335-1387 W Broad St
Coliseum Lofts2.0%-0.3%$1.82
$1,552
$1,172 $1,701
406 Shafer St
The Square Apartments2.0%1.9%$1.76
$1,531
$1,474 $1,607
2900 Kensington Ave
Kensington Court1.5%0.0%$1.32
$1,417
$1,198 $1,546
2323 E Main St
Main 2323-3.5%0.0%$1.78
$1,395
500 N 18th St
Atrium Lofts at Cold Storage-13.4%-13.9%$1.66
$1,388
3200 W Clay St
Courtyard Lofts at Scott's Addi…2.8%-3.3%$1.36
$1,347
$1,304 $1,379
2017 Brook Rd
Spectrum0.9%2.4%$1.50
$1,346
$1,320 $1,367
1215 Hermitage Rd
Southern Stove Lofts-4.7%-3.9%$1.33
$1,165
$1,100 $1,475
$0 $875 $1,750 $2,625 $3,500
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Sphere Apartments 2009 Brook Rent Comp Report | 57
Three Bedroom Rent Comparables2009 Brook Rd - Brook Road Apartments
Property Name/Address Rating Three Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
3200 Brook Rd
Canopy at Ginter Park-9.0%-0.2%$1.59
$2,583
$2,582
1814 Highpoint Ave
Symbol Apartments15.1%-3.8%$1.47
$2,352
$2,332 $2,392
103 S Davis Ave
Cary Street Station2.0%0.2%$1.53
$2,304
$2,303 $2,305
900 Terminal Pl
Cookie Factory Lofts2.3%0.1%$1.68
$2,196
$2,025 $2,419
119 N 1st St
Matrix Midtown1.2%0.0%$1.73
$2,155
$2,009 $2,513
406 Shafer St
The Square Apartments3.4%1.4%$1.80
$2,083
$1,952 $2,674
3200 W Clay St
Courtyard Lofts at Scott's Addi…3.0%0.0%$1.55
$1,970
1335-1387 W Broad St
Coliseum Lofts-5.2%1.6%$1.74
$1,927
$683 $2,420
2017 Brook Rd
Spectrum13.4%2.3%$1.51
$1,743
$1,689 $1,905
1215 Hermitage Rd
Southern Stove Lofts4.9%0.7%$1.45
$1,700
$0 $875 $1,750 $2,625 $3,500
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Sphere Apartments 2009 Brook Rent Comp Report | 58
Changes in Rent Comparables2009 Brook Rd - Brook Road Apartments
VACANCY CHANGES PAST QUARTER & YEAR
Past QtrLast YearLast QtrNow
Vacancy Levels Change
Property Name - Address Rating Units Past Year
80.5% ---301 -Canopy at Ginter Park - 3200 Brook Rd
0.5% -4.6%-3.4%5.1%187 3.9%Southern Stove Lofts - 1215 Hermitage Rd
2.1% -5.8%-0.9%7.9%328 3.0%Atrium Lofts at Cold Storage - 500 N 18th St
0% -3.7%-0.1%3.7%180 0.1%Cookie Factory Lofts - 900 Terminal Pl
1.6% 0.2%0%1.4%129 1.6%1 Scott's Addition - 3031 Norfolk St
0% 0%0%0%287 0%Cary Street Station - 103 S Davis Ave
3.2% -1.9%0%5.1%112 3.2%Coliseum Lofts - 1335-1387 W Broad St
1.0% 0%0%1.0%89 1.0%Courtyard Lofts at Scott's Addition - 3200 W Cl…
4.7% 2.9%0%1.8%117 4.7%Kensington Court - 2900 Kensington Ave
2.3% 0%0%2.3%71 2.3%Main 2323 - 2323 E Main St
0% 0%0%0%47 0%Matrix Midtown - 119 N 1st St
10.3% 2.9%0%7.4%243 10.3%Residences at the John Marshall - 101 N 5th St
1.2% 0.7%0%0.5%202 1.2%Symbol Apartments - 1814 Highpoint Ave
1.6% -0.3%0%2.0%117 1.6%The Cooperage - 1650 Overbrook Rd
4.8% -0.5%0%5.3%201 4.8%The Overview - 1817 E Main St
0% 0%0%0%152 0%The Square Apartments - 406 Shafer St
11.9% 6.4%0.2%5.5%103 11.7%Spectrum - 2017 Brook Rd
6.2% 2.7%0.6%3.5%200 5.7%Deco at CNB - 219 E Broad St
ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,113 1.1%-0.3%$1,10117 $1,116Coliseum Lofts - 1335-1387 W Broad St
$1,314 9.5%-0.2%$1,20035 $1,316Deco at CNB - 219 E Broad St
$1,075 12.0%0%$96018 $1,075Main 2323 - 2323 E Main St
$982 2.9%0.1%$95410 $981Cookie Factory Lofts - 900 Terminal Pl
$1,011 11.1%0.1%$9109 $1,010Courtyard Lofts at Scott's Addition - 3200 W Cl…
$1,098 2.7%1.4%$1,070131 $1,083Residences at the John Marshall - 101 N 5th St
$1,153 13.3%2.2%$1,01728 $1,128Atrium Lofts at Cold Storage - 500 N 18th St
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Changes in Rent Comparables2009 Brook Rd - Brook Road Apartments
ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,076 6.6%-5.5%$1,009150 $1,139Atrium Lofts at Cold Storage - 500 N 18th St
$1,477 5.2%-2.9%$1,404151 $1,522The Overview - 1817 E Main St
$894 -1.1%-2.6%$904106 $918Southern Stove Lofts - 1215 Hermitage Rd
$1,225 2.4%-0.6%$1,196133 $1,232Deco at CNB - 219 E Broad St
$1,468 4.5%-0.3%$1,40476 $1,472The Cooperage - 1650 Overbrook Rd
$1,506 13.1%-0.3%$1,33289 $1,5101 Scott's Addition - 3031 Norfolk St
$968 1.4%0%$95534 $968Kensington Court - 2900 Kensington Ave
$1,052 -4.1%0%$1,09718 $1,052Coliseum Lofts - 1335-1387 W Broad St
$1,202 9.4%0%$1,09943 $1,202Main 2323 - 2323 E Main St
$1,250 1.4%0%$1,23326 $1,250Matrix Midtown - 119 N 1st St
$1,209 6.4%0.1%$1,137101 $1,208Cookie Factory Lofts - 900 Terminal Pl
$1,459 2.0%0.2%$1,431215 $1,457Cary Street Station - 103 S Davis Ave
$1,355 -22.8%0.2%$1,755187 $1,352Canopy at Ginter Park - 3200 Brook Rd
$1,402 2.1%0.4%$1,37390 $1,397Residences at the John Marshall - 101 N 5th St
$1,460 3.4%0.7%$1,412123 $1,450Symbol Apartments - 1814 Highpoint Ave
$1,216 0.6%0.8%$1,20874 $1,205The Square Apartments - 406 Shafer St
$1,028 5.6%3.6%$97460 $993Courtyard Lofts at Scott's Addition - 3200 W Cl…
$1,089 14.4%5.4%$95264 $1,033Spectrum - 2017 Brook Rd
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Changes in Rent Comparables2009 Brook Rd - Brook Road Apartments
ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,388 -13.4%-13.9%$1,602150 $1,612Atrium Lofts at Cold Storage - 500 N 18th St
$1,931 15.3%-5.3%$1,67576 $2,038Symbol Apartments - 1814 Highpoint Ave
$1,165 -4.7%-3.9%$1,22377 $1,212Southern Stove Lofts - 1215 Hermitage Rd
$1,347 2.8%-3.3%$1,31015 $1,392Courtyard Lofts at Scott's Addition - 3200 W Cl…
$1,894 8.3%-2.3%$1,74841 $1,938The Cooperage - 1650 Overbrook Rd
$1,916 1.0%-0.5%$1,898112 $1,926Canopy at Ginter Park - 3200 Brook Rd
$1,552 2.0%-0.3%$1,52269 $1,557Coliseum Lofts - 1335-1387 W Broad St
$1,970 3.7%-0.2%$1,90132 $1,974Deco at CNB - 219 E Broad St
$1,417 1.5%0%$1,39683 $1,418Kensington Court - 2900 Kensington Ave
$1,395 -3.5%0%$1,44510 $1,395Main 2323 - 2323 E Main St
$1,761 1.6%0%$1,73413 $1,761Matrix Midtown - 119 N 1st St
$1,703 1.9%0.1%$1,67161 $1,702Cookie Factory Lofts - 900 Terminal Pl
$1,889 1.9%0.2%$1,85470 $1,886Cary Street Station - 103 S Davis Ave
$1,770 1.4%0.3%$1,74622 $1,764Residences at the John Marshall - 101 N 5th St
$1,950 9.3%1.8%$1,78440 $1,9151 Scott's Addition - 3031 Norfolk St
$1,531 2.0%1.9%$1,50146 $1,503The Square Apartments - 406 Shafer St
$1,346 0.9%2.4%$1,33419 $1,314Spectrum - 2017 Brook Rd
$1,757 5.6%2.5%$1,66450 $1,715The Overview - 1817 E Main St
ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$2,352 15.1%-3.8%$2,0433 $2,445Symbol Apartments - 1814 Highpoint Ave
$2,583 -9.0%-0.2%$2,8392 $2,589Canopy at Ginter Park - 3200 Brook Rd
$1,970 3.0%0%$1,9125 $1,970Courtyard Lofts at Scott's Addition - 3200 W Cl…
$2,155 1.2%0%$2,1308 $2,155Matrix Midtown - 119 N 1st St
$2,171 2.3%0.1%$2,1228 $2,169Cookie Factory Lofts - 900 Terminal Pl
$2,304 2.0%0.2%$2,2592 $2,300Cary Street Station - 103 S Davis Ave
$1,700 4.9%0.7%$1,6214 $1,688Southern Stove Lofts - 1215 Hermitage Rd
$2,083 3.4%1.4%$2,01432 $2,055The Square Apartments - 406 Shafer St
$1,927 -5.2%1.6%$2,0338 $1,897Coliseum Lofts - 1335-1387 W Broad St
$1,743 13.4%2.3%$1,53820 $1,704Spectrum - 2017 Brook Rd
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Sphere Apartments 2009 Brook Rent Comp Report | 61
Rent Trends2009 Brook Rd - Brook Road Apartments
PROPERTY ATTRIBUTES Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star
Existing Units 1,858 78,597
Building Rating
Under Construction as % of Inventory - 2.6% 6.6%
3,062-
-
3.33.33.8
UNIT MIX Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star
Studio - 1 Bath - 8% 10% 3%
1 Bedroom - 1 Bath - 50% 50% 35%
2 Bedroom - 1 Bath - 1% 6% 10%
ASKING RENTS PER SF Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star
Studio - 1 Bath - $2.21 $2.77 $1.88
1 Bedroom - 1 Bath - $1.87 $1.87 $1.49
2 Bedroom - 1 Bath - $1.29 $1.97 $1.21
Concessions - 0.4% 0.7% 0.4%
AVERAGE EFFECTIVE RENT GROWTH Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star
Current Quarter - -1.1% 2.0% -0.6%
1 Year Rent Growth - 1.4% -5.1% 3.7%
3 Year Rent Growth - 10.0% -0.5% 12.2%
5 Year Rent Growth - 26.3% 0.0% 19.7%
All-Time Average - 2.6% 1.1% 2.0%
Vacancy Rate Brook Road Apartments Rent Comps Northside 3-5 Star Richmond 3-5 Star
Current Quarter - 10.7% 45.6% 6.0%
Last Quarter - 3.4% 6.0% 5.4%
1 Year Ago - 3.6% 3.6% 5.7%
3 Years Ago - 9.1% 11.7% 6.2%
5 Years Ago - 4.6% 4.5% 6.1%
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Rent Trends2009 Brook Rd - Brook Road Apartments
OVERALL ASKING RENT PER SQUARE FOOT
OVERALL EFFECTIVE RENT PER SQUARE FOOT
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Sphere Apartments 2009 Brook Rent Comp Report | 63
Rent Trends2009 Brook Rd - Brook Road Apartments
ANNUAL EFFECTIVE RENT GROWTH
CONCESSIONS
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Rent Trends2009 Brook Rd - Brook Road Apartments
VACANCY RATES
OCCUPANCY RATES
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Rent Trends2009 Brook Rd - Brook Road Apartments
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
2019 3,066 $1.78 1.2% 0.4% 327 10.7% 7.0% 67$1.79
2018 2,765 $1.76 6.4% 0.7% 101 3.7% -6.6% (2)$1.77
2017 2,563 $1.65 1.9% 1.2% 262 10.2% 3.6% (50)$1.67
2016 1,958 $1.62 5.9% 0.9% 130 6.7% 0.4% 47$1.64
2015 1,551 $1.53 6.8% 1.1% 98 6.3% 1.2% 27$1.55
2014 1,139 $1.43 2.7% 1.9% 59 5.1% 0.4% (6)$1.46
2013 987 $1.40 1.0% 0.2% 47 4.8% -1.5% 23$1.40
2012 987 $1.38 3.3% 0.7% 62 6.3% 0.5% (4)$1.39
2011 987 $1.34 0.4% 0.6% 57 5.8% 1.1% (1)$1.35
2010 987 $1.33 -3.1% 0.6% 47 4.7% 1.9% (7)$1.34
Rental Rates Per SF Vacancy
Quarter Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption
2019 Q3 3,066 $1.78 -1.1% 0.4% 327 10.7% 7.3% 67$1.79
2019 Q2 2,765 $1.80 0.7% 0.5% 93 3.4% -0.3% 7$1.81
2019 Q1 2,765 $1.79 1.6% 0.4% 101 3.6% 0.0% 0$1.79
2018 Q4 2,765 $1.76 0.2% 0.7% 101 3.7% 0.1% (2)$1.77
2018 Q3 2,765 $1.75 1.8% 0.8% 99 3.6% -3.6% 98$1.77
2018 Q2 2,765 $1.72 3.4% 1.4% 197 7.1% -1.3% 220$1.75
2018 Q1 2,563 $1.67 0.9% 0.8% 215 8.4% -1.8% 47$1.68
2017 Q4 2,563 $1.65 -0.5% 1.2% 262 10.2% 6.4% (50)$1.67
2017 Q3 2,446 $1.66 -0.2% 0.4% 95 3.9% -6.4% 156$1.67
2017 Q2 2,446 $1.66 2.1% 0.6% 251 10.2% -5.2% 298$1.67
2017 Q1 2,245 $1.63 0.4% 0.7% 347 15.5% 8.8% 70$1.64
2016 Q4 1,958 $1.62 0.3% 0.9% 130 6.7% -2.4% 47$1.64
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Sphere Apartments 2009 Brook Rent Comp Report | 66
Sphere Apartm
ents | Financial Analysis
Financial Analysis
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PROJECTED CASH FLOW
STABLIZED PROFORMA
DEVELOPMENT COST
Capital Stack
Brook Road Apartments
Projected Cash Flow ($000) Assumptions 0 1 2 3 4 5 6 7 8 9 10
Gross Operating Income 0 0 3,462,720 3,601,229 3,745,278 3,895,089 4,050,893 4,212,928 4,381,445 4,556,703
- Vacancy/Credit Loss 0 0 (173,940) (180,061) (187,264) (194,754) (202,545) (210,646) (219,072) (227,835)
Effective Gross Income 0 0 3,288,780 3,421,167 3,558,014 3,700,335 3,848,348 4,002,282 4,162,373 4,328,868
+ Misc. Income 0 0 165,243 171,853 178,727 185,876 193,311 201,043 209,085 217,449
Total Operating Income 0 0 3,454,023 3,593,020 3,736,741 3,886,211 4,041,659 4,203,325 4,371,458 4,546,317
- Operating Expenses 0 0 (896,000) (922,880) (950,566) (979,083) (1,008,456) (1,038,710) (1,069,871) (1,101,967)
- Management Fee 0 0 (95,375) (98,236) (101,183) (104,218) (107,345) (110,565) (113,882) (117,299)
- Capital Reserve 0 0 (89,600) (89,600) (89,600) (89,600) (89,600) (89,600) (89,600) (89,600)
- Real Estate Taxes 0 0 (67,200) (68,544) (69,915) (71,313) (72,739) (74,194) (75,678) (77,192)
Net Operating Income 2,305,848 2,413,760 2,525,477 2,641,996 2,763,519 2,890,256 3,022,427 3,160,259
- Debt Service 0 0 (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000) (1,944,000)
Before Tax Cash Flow (14,531,423) 0 0 361,848 469,760 581,477 697,996 819,519 946,256 1,078,427 1,216,259
- Interest 0 0 (1,166,997) (1,150,775) (1,133,638) (1,115,534) (1,096,409) (1,076,205) (1,054,862) (1,032,315)
- Depreciation 0 0 (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729) (1,114,729)
Taxable Income 0 0 24,122 148,256 277,109 411,732 552,380 699,321 852,836 1,013,215
- Tax Payable @ 36.00% 0 0 (8,684) (53,372) (99,759) (148,224) (198,857) (251,756) (307,021) (364,758)
After Tax Cash Flow 0 0 353,164 416,388 481,717 549,772 620,662 694,500 771,406 851,502
- Equity In (14,531,423) 0 0 0 0 0 0 0 0 0 0
+ Net Cash Sale 0 0 0 0 0 0 0 0 0 23,273,703
Total Return (14,531,423) 0 0 353,164 416,388 481,717 549,772 620,662 694,500 771,406 24,125,204
Project Cost 35,880,057 BT Sales Proceeds 46,674,598 Sales Price 48,619,373
+ Capital Expense 0 - Adjusted Basis (26,962,222) - Selling costs (1,944,775)
- Depreciation (8,917,835) Gain on Sale 19,712,376 - Total Tax (5,779,521)
Adjusted basis 26,962,222 - Mortgage Balance (17,621,374)
Depreciation Taken 8,917,835 Net Cash from Sale 23,273,703
Land Value 5,225,000 Taxes @ 36.00% 3,210,420
Depreciable Base 30,655,057 Capital Gain 10,794,541 Sales Price/Unit 217,051
Taxes @ 23.8% 2,569,101
Total Taxes 5,779,521
Returns
Investment Cash Flows Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
BTCF ($14,531,423) $0 $0 $361,848 $469,760 $581,477 $697,996 $819,519 $946,256 $1,078,427 $30,269,483
ATCF ($14,531,423) $0 $0 $353,164 $416,388 $481,717 $549,772 $620,662 $694,500 $771,406 $24,125,204
BTIRR 9.84%
BTNPV ($5,027,926)
ATIRR 7.20%
ATNPV ($5,616,906)
Debt Coverage Ratio 1.19 1.24 1.30 1.36 1.42 1.49 1.55 1.63
Sphere Apartments PROJECTED CASH FLOW | 68
NSF
165,220
DEVELOPMENT COSTS $ Amount $/NSF $/Unit
Rental Revenue 3,462,720 Site Acquisition Costs $5,381,750 $32.57 $24,026
Parking Revenue 16,080 Hard Costs $26,017,804 $157.47 $116,151
POTENTIAL GROSS INCOME 3,478,800 Soft Costs $3,230,503 $18.95 $13,975
Vacancy/Credit Loss (173,940) Financing Costs $1,250,000 $7.57 $5,580
EFFECTIVE GROSS INCOME 3,304,860 Total Costs $35,880,057 $216.56 $159,732
Misc Revenue 165,243
TOTAL OPERATING INCOME 3,470,103
CAPITALIZATION
Operating expenses (896,000) Permanent Loan $21,348,634
Manafement fee (95,375) Required Equity $14,531,423
Capital Reserve (89,600) Total Capitalization $35,880,057
Real estate taxes (67,200)
NET OPERATING INCOME 2,321,928 RISK METRICS
Anticipated Occupancy 95.00%
Debt Service (1,944,000) Net Margin (BTCF ÷ PGI) 10.91%
BEFORE TAX CASH FLOW 377,928 Break-even Occupancy 84.09%
Loan to Value 60%
Interest (1,166,997) Debt Coverage Ratio 1.19
Depreciation (1,114,729)
TAXABLE INCOME 40,202 BREAKDOWN OF REVERSION
Anticipated Appreciation $10,794,541
Income Taxes (14,473) Tax on Depreciation $3,210,420
AFTER TAX CASH FLOW 363,456 Tax on Capital Gains $2,569,101
Net Cash from Sale $23,273,703
FINANCIAL ANALYSIS
BTIRR 9.84%
BTNPV (5,027,926)
ATIRR 7.20%
ATNPV ($5,616,906)
# of Apartments
224
Development Costs
FIRST YEAR SETUP
Square Footage SummaryBrook Road Apartments
224-unit Multifamily Development GSF
217,500
Sphere Apartments STABLIZED PROFORMA | 69
GSF NSF
217,500 165,220
Type of Multi-Family Project New Development RESIDENTIAL UNIT MIX
Total Cost $35,880,057 Price per Sqft Unit Type % # Units SF Rent/Unit/Month
$1.89 Studio 17% 37 510 $965
$1.80 1 bed/ 1 bath 39% 88 660 $1,188
$1.70 2 bed/ 2 bath 22% 50 965 $1,640
$1.89 Studio #2 11% 24 590 $1,115
$1.80 1 bed/ 1 bath #2 1% 2 843 $1,517
$1.70 2 bed/ 2 bath #2 5% 12 995 $1,691
$1.70 2 bed/ 2 bath #3 5% 11 1,035 $1,475
RESIDENTIAL TIMING $1.69 100% 224 728 $1,227
Pre-development period 6 months
Commence
date 10/1/2019
Construction period 15 months End of pre-development 4/30/2020
Leasing Period (stablized) 24 months End of construction 7/31/2021 0%
Total development period 45 months End of leasing/sale date 7/31/2023 0%
Annual Potential Gross Income $3,462,720
RESIDENTIAL CONSTRUCTION PARAMETERS Vacancy/Credit Loss Factor 5.00%
Gross Square Foot (GSF) 217,500 Annual Rent Growth 4.00%
Net Rentable Square Foot (NSF) 165,220
OTHER REVENUE # spaces $ Rent/Month
RESIDENTIAL PARKING PARAMETERS Residential parking spaces 268 $5
Surface parking spaces 268 spaces
Misc. revenue (fees, vending, etc) 5% of EGI
RESIDENTIAL OPERATING EXPENSE PARAMETERS
Operating expenses $4,000 per unit per year SALE PARAMETERS
Management Fee 2.90% of Effective Gross Income Terminal capitalization rate 6.50%
Capital reserves $400 per unit per year Selling costs 4.00%
Real estate taxes $300 per unit per year
Annual fixed/variable expense growth 3.00% PERMANENT FINANCING PARAMETERS
Annual RE taxes growth 2.00% Permanent loan closes 7/31/2021
Marginal Income Tax Rate 36.00% Project Cost $35,880,057
Capital Gains Tax Rate 23.80% Permanent Loan LTV 60%
BT required return 15.00% Permanent Loan Amount $21,348,634
AT required return 13.00% Term in years 30
Contract Interest Rate 5.50%
Permanent loan financing fees 1.0%
Frequency of Payments Monthly
Mortgage Constant 0.57%
DEVELOPMENT/REHABILITATION COST PARAMETERS
ACQUISITION
Property/Land Cost (Net) $5,225,000 ($5172. per unit) CONSTRUCTION FINANCING PARAMETERS
Closing Costs 3.00% of land purchase
Construction loan closes
HARD COSTS Construction loan to cost ratio
Site Development $1.00 per GSF Construction loan interest rate
Parking Construction $3,450.00 per parking space Construction loan closing cost
Base Building Construction $108.00 per GSF Frequency of Payments
General Conditions 3% of site dev, pkg, base build.
Hard Cost Contingency 3% of hard costs
SOFT COSTS
Architectural and engineering fees 1% of hard costs - TBV
Surveys, testing, and inspections $25,000.00
Municipal Fees $210,000.00 (building permit only)
Appraisals and inspections $25,000.00
Insurance and title 1% of property/land purchase
Taxes $70,000 (construction period only)
Legal and accounting $100,000.00
Marketing costs $700 per unit
Overhead $100,000
Construction management $990,000 (3% of project total)
Development fee $1,100,000 (4% /total development cost)
Soft cost contingency 5.0% of soft costs exclud. dev. fee
11/1/2019
100%
5.00%
1%
One-Time (End)
Avg. Rent/Unit/Month
$1,085
Brook Road Apartments
224-unit Multifamily Development
Development Costs
Richmond Virginia
Avg. Unit Size (SF)
# of Apartments
224
728.00
Square Footage Summary
Sphere Apartments DEVELOPMENT COST | 70
RETURN PROJECTIONS
Total Project Costs 35,880,056.85$
SOURCES OF FINANCING
Debt
Loan at 60% Land Acquisition & Hard Costs 21,528,034.11$
Equity Investment 14,352,022.74$
Total Sources 35,880,056.85$
Equity
Outside Investors at 90% 12,916,820.47$
Operating Partner/Developer at 10% 1,435,202.27$
Total Equity Investment 14,352,022.74$
Rate of Preferred Return Annual 0.08$
Percentage of Promote to Outside Investors 0.60$
DISTRIBUTION OF RETURN TO EQUITY SOURCES
Outside Investors
Preferred Return on Outside Investor Equity 1,033,345.64$
Annual Return 1,033,345.64$
Total Rate of Return, Annual 8%
Operating Partner/Developer
Preferred Return on Developer Co-investment 114,816.18$
Total Return 114,816.18$
Total Distribution of Gross Return 1,148,161.82$
Sphere Apartments Capital Stack | 71
Sphere Apartm
ents | Dem
ographics
Demographics
SPH
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Demographic Details
Demographic Charts
Sphere Apartments Demographics | 73
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 16,452 113,519 223,099
2010 Population 19,127 119,477 233,622
2019 Population 21,381 136,730 257,590
2024 Population 22,858 144,666 270,507
2019 African American 12,006 66,833 126,466
2019 American Indian 57 360 749
2019 Asian 838 4,186 7,284
2019 Hispanic 743 4,164 12,452
2019 White 7,449 60,201 110,396
2019 Other Race 230 1,354 5,664
2019 Multiracial 790 3,737 6,901
2019-2024: Population: Growth Rate 6.70 % 5.65 % 4.90 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 2,324 12,290 18,703
$15,000-$24,999 975 6,326 11,891
$25,000-$34,999 917 6,040 11,128
$35,000-$49,999 842 7,628 15,111
$50,000-$74,999 1,149 10,010 19,277
$75,000-$99,999 653 6,670 12,858
$100,000-$149,999 645 6,130 12,321
$150,000-$199,999 241 2,367 4,598
$200,000 or greater 361 3,613 6,425
Median HH Income $32,796 $45,724 $49,110
Average HH Income $56,644 $71,078 $73,668
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 7,336 54,254 104,971
2010 Total Households 7,147 52,892 101,715
2019 Total Households 8,106 61,074 112,312
2024 Total Households 8,777 64,837 117,964
2019 Average Household Size 2.24 2.09 2.20
2000 Owner Occupied Housing 2,144 20,642 47,689
2000 Renter Occupied Housing 4,127 28,594 49,070
2019 Owner Occupied Housing 2,295 21,769 49,981
2019 Renter Occupied Housing 5,811 39,305 62,331
2019 Vacant Housing 912 5,692 10,168
2019 Total Housing 9,018 66,766 122,480
2024 Owner Occupied Housing 2,456 23,246 52,853
2024 Renter Occupied Housing 6,321 41,590 65,112
2024 Vacant Housing 861 5,452 10,009
2024 Total Housing 9,638 70,289 127,973
2019-2024: Households: Growth Rate 8.00 % 6.00 % 4.95 %
Source: esri
Sphere Apartments Demographic Charts | 74
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
Sphere Apartments Demographic Charts | 75
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
Sphere Apartments
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Kevin Palka(703) 201-5330
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