Alta Cob Hill

OFFERING MEMORANDUM

340-UNIT CLASS A PROPERTYFRISCO, TEXAS

FOR MORE INFORMATION, PLEASE CONTACT:

FOR FINANCING INFORMATION, PLEASE CONTACT:

FOR SCHEDULING & CONFIDENTIALITY AGREEMENTS:

BILL SIMMONSSenior Vice [email protected]

JEFF PRICEManaging [email protected]

ALISAN [email protected]

DUSTIN DULINExecutive Vice [email protected]

CARISSA [email protected]

8343 DOUGLAS AVENUEDALLAS, TEXAS 75225www.jll.com/texascmg

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EXECUTIVE SUMMARY | 8 DFW APARTMENT MARKET | 86

LOCATION OVERVIEW | 18 RENT COMPARABLES | 90

PROPERTY DESCRIPTION | 54

FINANCIAL OVERVIEW | 72

ALTA COBB HILL

OFFERING SUMMARYINVESTMENT HIGHLIGHTSPROPERTY SUMMARYPROPERTY HIGHLIGHTSAERIAL OVERVIEW

MPF RESEARCH’S 4TH QUARTER 2015 MULTIFAMILY OUTLOOKFRISCO (DAL28)SUMMARY

RENT COMPARABLES SUMMARYCAMDEN PANTHER CREEKLA VALENCIA AT STARWOODLEBANON RIDGEBOULEVARD AT FRISCO SQUARETHE TOWERS BY THE PARK

WHY DALLAS?POPULATIONINCOME/HOUSINGTRANSPORTATION/LOGISTICSWHY FRISCO?FRISCO’S $5 BILLION MILEEMPLOYMENT & OFFICE DEMAND

PROPERTY DESCRIPTIONFLOOR PLANSSITE PLAN

CURRENT RENTS & UNIT MIXYEAR 1 PROFORMA2016 PROFORMA INCOME ASSUMPTIONSOTHER INCOME2016 PROFORMA EXPENSE ASSUMPTIONSYEAR 1 CASH FLOW PROJECTIONS

RETAIL & ENTERTAINMENT EPICENTERUNPARALLELED ACCESSWORLD CLASS EDUCATIONDEMOGRAPHICSAERIAL OVERVIEW

THE TRAILS OF FRISCO GOLF CLUB

CRESCENTPARK

FALCONS FIELDPARK

1 EXECUTIVE SUMMARY

EXECUTIVE SUMMARY | 10 11 | EXECUTIVE SUMMARY

OFFERING SUMMARY

JLL is pleased to present Alta Cobb Hill (“Cobb Hill”), a Class A luxury 340-unit garden-style community located in one of the nation’s fastest growing and most desirable areas, Frisco, Texas. Strategically located just off of the Dallas North Tollway, also known as the Platinum Corridor, just north of Frisco’s $5 Billion Mile and just south of the rapidly changing Hwy/ 380 and DNT Intersection; Cobb Hill provides immediate access to an array of employment, shopping, and entertainment options.

The Frisco/West Plano area offers a strong economy through diversification, corporate vitality, and an outstanding quality of life. Major corporate relocations bringing an additional 15,000 jobs to the area will spur continued growth for years to come.

This traditional garden style community provides excellent curb appeal and Cobb Hill represents an outstanding opportunity to acquire an asset in an irreplaceable location with strong organic rent growth and exceptional market dynamics. Built in 2009, the property also offers the opportunity to implement a repositioning strategy. Cobb Hill is an irreplaceable asset in the heart of the most dynamic growth corridor in North Texas.

INVESTMENT HIGHLIGHTS

Frisco – The Epicenter for Growth: One of the most dynamic development concentrations in the US with $5.4 billion in investments either announced or under construction, within a one-mile stretch of road along the Dallas North Tollway from Warren Parkway north to Lebanon Road. The total collection of development projects, when fully built out and completed will bring the following to Frisco:

• 43,772 Potential Direct Jobs• 12.9 Million Square Feet of Class A Office Space• 1.32 Million Square Feet of Retail, Restaurant, and Entertainment

Space • 490,000 Square Feet of Medical Office Space• 1,320 Hotel Rooms (Multiple Hotels) • Two, 10-story luxury condo towers or villas• 12,000-Seat Indoor Multi-Use Facility at Dallas Cowboys

Headquarters that will Allow Local School and City Events• $5,400,000,000 Potential Investment the Dallas North Tollway

PROPERTY SUMMARY

ADDRESS: 6000 Eldorado Parkway, Frisco, TX 75033

YEAR COMPLETED 2009 AVERAGE RENT $1,292

NUMBER OF UNITS 340 AVERAGE RENT/SF $1.25

NUMBER OF FLOORS 3 LAND AREA (ACRES) 22.99

NET RENTABLE AREA (SF) 325,134 DENSITY 14.79

AVG. SF PER UNIT 1,036 PARKING SPACES 730

OCCUPANCY 95% (including 50% garages)

PARKING RATIO 2.15


THE STAR• Developer: Dallas Cowboys • 91 acres mixed-use entertainment district • $1 Billion investment • Groundbreaking August 2014• Opening set for summer 2016

WADE PARK• Developer: Thomas Land & Development • Mixed-use development• 600,000 square feet of retail • 6 Million square feet of class A office • Currently under construction

THE GATE• Developers: Invest Group Overseas (IGO)• Mixed-use development • $700 Million investment• 2.3 Million square feet of development • Currently under construction

FRISCO STATION• Developers: Hillwood Properties & Van Trust Real Estate • Mixed-use development • Over 4 Million square feet of office space and corporate campuses • Currently under construction

FRISCO FRESH MARKET• 32-acre Farmers Market mixed-use development• 100,000 square feet of retail• 200,000 square feet of office• 600 multifamily units• 120-room limited service hotel• Located at NEC of Main Street at Frisco Street

$5 BILLION DOLLAR MILE FRISCO FAST FACTS

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LOCATION: Just 25 minutes north of Downtown Dallas and 25 minutes from DFW Airport. Every major city in the continental US can be accessed within a 4 hour flight.

FRISCO POPULATION: 147,580 as of May 1, 2015

ANNUAL POPULATION GROWTH RATE: 5.8%

WORKFORCE ESTIMATE: 70,148

RESIDENTS WITH BACHELOR DEGREES OR GREATER: 58.9%

MEDIAN HOUSEHOLD INCOME: $109,956

AVERAGE VALUE OF SINGLE FAMILY HOME: $317,560

CITY OF FRISCO ASSESSED Property VALUE FOR FISCAL YEAR 2015: $18 Billion


Proximity to Major Employment: In addition to the development occurring in the $5 Billion Mile, significant corporate relocations such as Toyota North America, Liberty Mutual, J.P. Morgan, and FedEx Office to name a few are occurring within minutes of Cobb Hill within Legacy Office Park. These relocations alone are projected to bring approximately 15,000 new jobs to the area and have an estimated impact of $11 billion on the local economy.

Exemplary Schools: Residents of Cobb Hill benefit from being a part of the Frisco Independent School District, one of the most recognized and sought after school districts in all of DFW. Known for its “exemplary” rating, high teaching standards, and well above-average testing scores, this school district is highly sought after by residents. The school district has more than 50,000 students housed in 64 schools with additional schools opening on a yearly basis poising the school district well for continued growth.

Dynamic Growth Area: With all of the corporate relocations in the area, the surrounding area will be benefit from a huge influx of population with the population within a 3 mile radius of the property expected to grow by over 14% to over 63,000 people.

HOT BODYYOGA

WakelandHigh

School

NEWMAN VILLAGENEWMAN VILLAGE

EL DORADO PARKWAY

EL DORADO PARKWAY

WOODSBURO WAY

FRISCO STREET

FRISCO STREET

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FUTURE HIGHSCHOOL

DEVELOPMENT

FUTURE WALMART

DEVELOPMENTWOODSBURO WAY

COBB FARMS HOMES

$400-$500k

TOYOTA CAMPUS, FRISCO


PROPERTY HIGHLIGHTS

Repositioning Strategy: The property presents new ownership an opportunity to boost effective rental rates through the implementation of a repositioning strategy. Unit enhancements Include:

• Extension of vinyl plank flooring throughout living areas on the 2nd & 3rd floors

• Installation of stainless steel appliance packages• Installation of glass tile backsplashes • Framing of bathroom mirrors • Installation of permanent wine racks

Other ideas for repositioning include: • Enhancements to the pool area with the addition of large

cabana complete with outdoor TVs and sitting areas, the addition of lounge chairs on the tanning ledge, and an outdoor kitchen

• Addition of a fire pit in the pool area

High Quality Low Density Development: Built by nationally known Wood Partners, Cobb Hill is an institutional quality 3 story development. The spacious units with included washer/dryer sets and 50% of the units having one or two car attached garages, coupled with a density of less than 15 units per acre attracts even the most discerning residents.

• In addition, the City of Frisco will no longer approve garden-style multifamily development pushing wrap or podium new construction that will require much higher rental rates, creating an ample gap in which to increase rental rates as property and unit enhancements are added.

Strong Resident Demand: The property has remained virtually full over the last twelve months with an average occupancy of 95% while still continuing to increase in-place rental rates. In addition, the resident’s current household income is in excess of what is required suggesting residents have the ability to pay more in rent.

2 LOCATION OVERVIEW

LOCATION OVERVIEW | 20 21 | LOCATION OVERVIEW

WHY DALLAS?Dallas/Fort Worth (“DFW”) is the largest metropolitan area in Texas and the fastest-growing MSA in the United States, with a current population of over 7,117,800 people. Its location within the Central Time Zone, transportation infrastructure, young and educated labor force, diverse economy and pro-business local governments fosters a prosperous economic environment forming an outstanding base for future growth. The Metroplex’s success is attributable in large part to its central location and excellent airports providing access to all major US cities in less than four hours. Its success can also be attributed to its status as a world-class leader in transportation and logistics with a modernized interstate highway system and a critical rail freight distribution hub.

The Dallas Fort Worth economy is comprised of a diverse mix of companies and industries with recent growth coming from service, insurance and high-tech companies, fueled in part by a world-class transportation infrastructure. DFW boasts the largest concentration of corporate headquarters in the U.S. with 269. Economists predict favorable long-term conditions advantaging DFW and other major Texas markets as beneficiaries of corporate relocations as a result of a low tax burden, right-to-work status, and a predictable regulatory environment. Several companies have expanded or relocated to DFW in the recent years, spurring investment of over $8 billion. In addition, of the 12.6 million square feet of DFW office leases signed since 2010, only 5% is energy-related companies. The well-balanced and thriving economy has attracted a wealth of corporate, national and regional companies to DFW as shown to the right.

MAJOR DFW CORPORATIONSAmerican Airlines Dell Computers GameStop Neiman Marcus

AT&T Dr. Pepper Holly Frontier Southwest Airlines

Atmost Energy Energy Future Home Depot State Farm

Celanese Energy Transfer JCPenny Tenet Healthcare

Commercial Metals Exxon Mobile JP Morgan Texas Instruments

Dean Foods FedEx Kimberly-Clarke Toyota

Del Monte Fluor Liberty Mutual

2 0 1 6 D A L L A S ECONOMIC DEVELOPMENT G U I D E 1 0 7

THE BUSINESS COMM

UNITY |

MAJOR EXPANSIONS AND RELOCATIONS

SUPPORTING CORPORATE MOVES

The Dallas Regional Chamber works closely with many companies that consider and decide to locate major corporate facilities here, particularly headquarters. Our team knows these decisions are critical to the futures of the companies and the employees.

We help companies understand this region fully; from our demographics, labor costs, our transportation assets, our real estate options, or the taxes and incentives that might apply to a project. Often we do it face to face. We visit companies and host executives here; including multi-day visits during which we often engage Dallas area business and civic leaders or subject matter experts with the candidate company team to achieve the peer-to-peer conversations that are so meaningful in selling Dallas.

But we’re not just about the cold, hard facts and the sales pitch. We are also about taking good care of the companies and particularly the employees, that make the decision to move here.

Corporate moves often impact hundreds, even thousands, of employees and families. Those employees have lots of questions and each family situation is diff erent. For all major corporate relocations, the Chamber off ers to meet with employees and families that suddenly have the opportunity to be new Texans.

We have held several “town hall” meetings with company employees around the U.S., sharing information and our experiences of living in the Dallas area. Our goal is to help the employees understand our region is a great place to live, raise a family and prosper. Eyes light up when we show pictures of homes and aff ordable prices, the arts and cultural amenities, our parks and trees and lakes, our foodie places, the outstanding medical care that is here, dog parks, light rail and bike trails and the many facts and anecdotes that help them realize that DFW is a more robust, culturally and socially diverse place than they thought. And those that already know our area well or might be from here just get more excited about the move.

Helping employees after a move has been announced is a great benefi t to the company and its employees. It’s a lot of fun and very meaningful for the Chamber’s economic development team and an important part of the Dallas Regional Chamber’s corporate recruitment platform.

SAN ANTONIOAT&TChristus Health

OTHER NEW HQ ESTABLISHMENTSBlackberry North American HQ (Canada)GuestLogix U.S. HQ (Canada)Hisun Motors North American HQ (China)Howard Hughes CorporationNGC Renewables North American HQ (China)Smith & Nephew HQ (London)

ARKANSASGolden Living

HOUSTONInx Inc.Magnum Hunter ResourcesU.S. Concrete

FLORIDACCS MedicalFiesta Restaurant Group

GEORGIANYLO Hotels

NEW YORKGreatbatchHMS Holdings Signature Systems GroupSix Flags Entertainment

ILLINOISBar Louie Restaurant GroupFerris ManufacturingNeovia Logistics ServicesTopGolf

MICHIGANComerica MASSACHUSETTS

NTT Data Inc.VCE

MISSOURIGKN Aerostructures

ALABAMATorchmarkZoes Kitchen

TENNESSEEDynamic Energy Alliance

CONNECTICUTAccudyne Industries

iCall Inc.

NEW JERSEYCVE Technology Group Inc

NOTE: Companies in grey moved to Dallas-Fort Worth prior to 2010

D A L L A S ECONOMIC DEVELOPMENT G U I D E 2 0 1 61 0 6

MAJOR EXPANSIONS AND RELOCATIONSDallas–Fort Worth is regularly identifi ed as one of the nation’s top markets for new and expanded corporate facilities. DFW attracts an impressive list of companies that spans diverse industries. Recent relocations to Dallas–Fort Worth have included headquarters moves for Fortune 500 and Forbes Top Private companies such as GGNSC Holdings/Golden Living, Fluor Corp., Comerica and AT&T. Expansions include important new distribution, logistics, or manufacturing centers for companies such as Amazon; Bed, Bath and Beyond; BMW; Galderma; and the single largest U.S. expansion in 2015, General Motors. Other expansions include new offi ces for 7-Eleven, American Airlines, Liberty Mutual, and State Farm to name a few.

SAMPLE OF HEADQUARTER RELOCATIONS TO DALLAS-FORT WORTH 2010-2015

SOURCE: DRC Research

AUSTINGreenstreamSeven Hills Commercial

NEVADACoreSpace COLORADO

Cagney Global LogisticsHarris Broadcast

MINNESOTAMoneyGramSpeed Commerce (Navarre)

ARIZONASpirit Realty Capital, Inc.

NEBRASKAHeartland Automotive Services

OKLAHOMAGlobal Power Equipment Group Inc.HiltiLinkAmerica

KANSASAlcoHostess

CALIFORNIAAcacia Research Group AccentCareACTIVE NetworkAmerifl ight LLCCaliber Collision CentersChannell Commercial Corp.Ciao TelecomConsolidated Electrical DistributorsCopartDaegis Inc.Farmers Brothers Coff eeFluorFonalityGlenmount Global SolutionsIronclad Performance Wear Corp.Kubota Tractor Corp.loanDepot.com

Monkey Sports Inc. Motorsport Aftermaket Group and MAG RetailMV TransportationOmnitracsPacifi c Union FinancialPrimorisRaytheon Space and Airborne Systems (SAS) Reel FX CreativeStudios Corp.Rixi Recovery ServicesSolera HoldingsTitan Laboratories

Toyota North America

Trend Micro

Vendor Resource Management

W3global


DFW JOB GROWTH REMAINS AT THE TOP OF THE MAJOR MARKETS, EVEN AS MANY SEE AN ACCELERATION IN JOB CREATION POPULATION

• The DFW population of over 7,100,000 people is approximately 26% of Texas’ total population. • Amazing growth in 2000’s; just since 2010, over 700,000 new residents added, an 11% increase. • DFW added 384,703 residents in 2014 alone and added 108,000 jobs in 2015. • Population growth is the key variable in the Metroplex’s absorption forecast of 20,229 apartment units while maintaining an overall occupancy over 95% despite the addition of new supply. • The North Central Texas Council of Governments forecasts population growth of nearly 4,000,000 people to 10,676,844, from a current population of 6.9 million, and creation and just over

2,500,000 jobs between 2015 and 2040 for a total workforce of 6,691,000.

The well-diversified local economy combined with strong population growth bodes well for the long-term market conditions. Corporate relocations and expansions remain the primary fuel of continued economic expansion in DFW. As a result of the business-friendly environment, and high quality-of-life, population growth is projected to continue to outpace both the state and national averages.


INFRASTRUCTUREDFW’s success as a world-class leader in logistics and transportation is the result of well-designed infrastructure,

including excellent airports, a modernized interstate highway system and the US’ largest (10,469 miles) rail system with the 3rd most cargo traffic (93 million rail tons).

• The strategic location of the International Inland Port of Dallas (“IIPOD”) enhances Dallas’ strength as a logistics

center for international business commerce • The Metroplex is at the center of the three-nation North American Free Trade Agreement (“NAFTA”) with 70%

of exports to Mexico routed through the Metroplex • All of the US’s largest rail lines serve the Metroplex and coordinate with motor and truck carriers at 4 inter-

modal freight carriers

DFW International Airport is among the top reasons cited by companies making a move to North Texas. The airport is expanding its own footprint to keep up with distribution and flight demands.

• The airport is a magnet for industrial and office users• 9th-busiest airport in the world for commercial passenger traffic• Recently completed $45 million in renovations to enable further passenger volume growth• Home to American Airlines, the largest airline in the world

Dallas Love Field Airport is home to Southwest Airlines and provides approximately 180 regularly scheduled passenger flights daily to all four corners the United States.

• Over $2 billion annual contribution to DFW economic activity• 7.7 million passengers annually and is the top-performing airport in its class for customer service.• $1 billion 2-phase expansion completed, including a new main terminal and automated walkways

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9TH

$2

MOST CARGO TRAFFIC

BUSIEST AIPORT IN THE WORLD

OVER

BILLION ANNUAL CONTRIBUTION TO

DFW ECONOMIC ACTIVITY

RANK CITY (AIRPORT) PASSENGERS

1 Atlanta GA, US (ATL) 94,431,2242 Beijing, CN (PEK) 83,712,3553 London, GB (LHR) 72,368,0614 Tokoyo, JL (HND) 68,906,5095 Chicago IL, US (ORD) 66,777,1616 Los Angeles CA, US (LAX) 66,667,6197 Dubai, AE (DBX) 66,431,5338 Paris, FR (CDG) 62,052,9179 Dallas/Fort Worth TX, (US) 60,470,50710 Jakarta, ID (CGK) 60,137,347Source: Airports Council International - Dec. 22, 2014


WHY FRISCO?

Frisco, Texas is located in Denton and Collin Counties, approximately 25 minutes north of Dallas and northeast of DFW International Airport. Frisco is known for business, with more new businesses calling Frisco home each day. From its widely regarded school system to its diverse employment base, Frisco continues to push the envelope in terms of economic development, master-planned developments and city culture.

• One of the fastest growing communities in Texas, Frisco’s population has grown 247 percent from 2000 to 2009, making it the fastest growing city in America for the decade. The most recent U.S. Census Bureau data shows Frisco is currently the 12th fastest growing city in the nation.

• Supported by strong infrastructure, exceptional leadership and quality commercial developments, Frisco has been recognized by Money Magazine as one of the top 100 places to live in the United States. This infrastructure supports an exceptional community and an extraordinary quality of life. Offering a strong economy through diversification, corporate vitality and quality of life, Frisco is proud to be known as a city with progress in motion.

• Frisco, Texas has over 149,000 residents, and thanks to affordable housing and a healthy local economy, Frisco was named one of the top places to relocate by Forbes.com in 2009.

Frisco has received the follow awards and accolades:

• Best Mid-Sized Cities for Education in America –movoto.com, 2015• Best Place for Young Families in Texas – nerdwallet.com, 2015• Best Midsize Cities to Raise Children - mylife.com, 2014• Best Cities for First-Time Home Buyers – wallethub.com, 2014• Best Cities for Young Families – apartmentlist.com, 2014• Best Texas Cities for Young Families – nerdwallet.com, 2013• America’s Friendliest Towns – Forbes, 2012• Texas Certified Scenic City and Platinum Award Winner for Scenic City – 2011• Best Place to Raise an athlete – Men’s Journal, 2011• Best Places to Live in America – CNN Money magazine, 2011• America’s 25 Best Places To Move – Forbes, 2011• Tree City USA


FRISCO’S “$5 BILLION MILE”

Alta Cobb Hill lies just five miles north of the world-famous “$5 Billion Mile”, which is one of the most dynamic development concentrations in the US with $5.4 billion in investments, either announced or under construction, within a one-mile stretch of road along the Dallas North Tollway from Warren Parkway north to Lebanon Road. This area, drawing capital investments from all over the world, is positioned to be a North Texas leader for years to come.

Four developments comprise the majority of the $5 Billion Mile:

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THE FRISCO STAR (DALLAS COWBOYS WORLD HEADQUARTERS)

$1 BILLION

$1.7 BILLION

$700 MILLION

$2 BILLION

FRISCO STATION

THE GATE

WADE PARK


1 THE STAR IN FRISCO | 91 ACRESCowboys World Headquarters

• 91-acre mixed use development

• 66 acres of retail

• 5-acre Dallas Cowboys headquarters which

includes front office and practice facilities

• 20-acre multi-use event center, publicly

developed

• 1,708,000 square feet of planned development

• Two hotels with 480 rooms

• Potential 4,500 new jobs at full development

• Multi-use, 12,000 seat indoor stadium

• Opening late 2016


2 FRISCO STATION | 242 ACRES• Located west of the Dallas North Tollway between Warren Parkway and Lebanon Road,

surrounding the new Dallas Cowboys headquarters complex

• Proposed master plan includes over 4 million square feet of office and corporate campuses,

2,400 multifamily residential homes and a wide variety of entertainment/retail/medical

venues

• Hillwood Properties is the master developer on multifamily and non-office components of

the project

• VanTrust Real Estate will develop Frisco Station’s Class A office projects

OFFICE

CIVIC CENTER

MIXED USE

RETAIL

OFFICE

THE STAR IN FRISCO

MEDICAL


3 THE GATE | 40.95 ACRES• Located at the northwest corner of the Dallas North Tollway and future

John Hickman Pkwy

• Surrounds the western, southern and eastern borders of the Property

• Master planned by Dubai-based developer, Invest Group Overseas

• $700 million development will include high-rise condominiums, a boutique

hotel, “wrap” multifamily, Class A office space and destination retail and

dining experiences

• Total square footage anticipated to result in more than 2.3 million square

feet of new construction


4 WADE PARK | 175 ACRES• Located across the Dallas North Tollway from The Gate

• Thomas Land Development broke ground in August 2014

• Mixed-use development consisting of 600,000 square feet of retail, 6 million square feet of

Class A office, 500+ hotel rooms, 1,300 multifamily homes, Whole Foods, iPic Theatre and

various other entertainment venues


EMPLOYMENT AND OFFICE DEMAND

The area surrounding Alta Cobb Hill is experiencing a massive influx of new jobs as major corporations announce relocations and/or expansions in the Frisco/Legacy/Plano area. Frisco’s rapid expansion and success is attributable to its favorable economic business environment, positioning north of Dallas in the path of growth and proximity to the world famous Legacy master-planned development. A significant number of these jobs are concentrated in major employment areas such as the Legacy Business Park (Legacy), which accounts for nearly 55,000 employees alone.

Legacy Business Park: A 2,600-acre master-planned business, retail and residential community, is located in Northwest Plano along the Dallas North Tollway, approximately seven miles south of the Property. It has over 16 million square feet of headquarters and regional office space. Legacy is a distinctive address for many top firms. Notable companies include:

• Dr. Pepper Snapple Group• Rent-A-Center• Huawei Technologies• FedEx Office & Print Services• HP Enterprise Services• Capital One• Tyler Technologies• Intel Security• MedAssets• JP Morgan

Legacy West One of the newest developments under construction is the Legacy West mixed-use development. Legacy West is situated on 240-acres at the southwest corner of the Dallas North Tollway and Sam Rayburn Tollway surrounding the existing J.C. Penney headquarters. J.C. Penney has owned the land since it built its headquarters on the site in the 1980’s. Recently, J.C. Penney entered into a partnership with Karahan Construction, corporate office developer KDC and apartment builder Columbus Realty Partners to develop the land into a mixed-use project. A high-rise Renaissance hotel will also be built in the park. Fehmi Karahan of Karahan Construction developed the original Legacy Town Center and intends to incorporate the same principles into Legacy West that made Legacy Town Center so successful. The project will have a dense urban feel and build upon what is already in place in Legacy Town Center with a more cutting-edge quality.

• Toyota is relocating its US headquarters from Torrance, California, to Legacy West Business Park bringing an estimated 4,000 direct employees into a new 2.1 million square foot campus. Economists project 7,000 “shadow” jobs from Toyota suppliers. The development has already begun site work, and an estimated 800 employees have arrived in North Texas.

• FedEx has broken ground on a new Plano headquarters which will house an estimated 1,200 employees. The Class A, 265,000 square foot facility is located at the northeast corner of Legacy and Headquarters Drive next door to Toyota’s new headquarters in the Legacy West development.

• Liberty Mutual recently announced the relocation of 5,000 employees to a new corporate campus in Legacy West, which will consist of roughly 1,000,000 square feet of office space between two office towers.

• J.P. Morgan’s new $300 million office campus, which will employ an estimated 6,000 people

These four organizations combined alone will bring over 15,000 new jobs. Including the expected multiplier effect the total new jobs quickly eclipses 20,000. This does not include any additional family members, vendors or suppliers that will be added to the growing “Epicenter” of North Texas. These corporate relocations could ultimately add over 40,000 new people to the greater Legacy economy.

• USAA• Alcatel-Lucent• Ericsson• PepsiCo• J.C. Penney• Frito-Lay• Alliance Data Systems• Toyota Motor North America• Bank of America Home Loans• Pizza Hut/Yum! Restaurants International• Liberty Mutual


Out of the approximately 13 million square feet of Class A office space located within Legacy, there are currently 36 major, nationally-recognized corporations seeking over 7 million square feet of additional office space within the Legacy “Urban Core.”

Deliveries and absorption of large blocks of office space in the greater Legacy area continues to grow. There is currently 1.5 million square feet of new office space being delivered to the greater Legacy area. Office market absorption is directly correlated to future apartment absorption. While current fundamentals are very strong, it is notable that the market has yet to reap the benefits of the coming wave of employees from the Toyota, FedEx, JP Morgan, and Liberty Mutual corporate relocations.


Granite Park: Located at the southeast corner of the Sam Rayburn Tollway (SH 121) and the Dallas North Tollway Granite Park has 1.6 million square feet of office and retail space. In 2015, Granite Properties announced three additional buildings, growing the park to 3.5 million square feet. Notable companies are:

• Siemens PLM Software• Ford• Hilton/Granite Park Hotel• Heartland Payment Solutions• FM Global• NTT DATA• Mitel

Hall Office Park • The original Class A office park in Frisco, Hall Office Park was

developed beginning in 1998 and today consists of over 2 million square feet

• 162 acres• Located along the Dallas North Tollway and south of Warren

Parkway• Master-planned for 3 million square feet of Class A space.

RETAIL AND ENTERTAINMENT EPICENTER

Frisco, Texas is a shopper's paradise with nine million square feet of retail and dining, all surrounded by art, sports venues and upscale hotels. Alta Cobb Hill takes full advantage of the abundant shopping, food, and entertainment destinations the area offers.


Stonebriar Centre is less than six miles south of the property, and provides Alta Cobb Hill ample national shopping choices within 1.62 million square feet of retail, that facilitates over 33,000 visitors daily. Some of the main attractions within this oasis of entertainment include:

Dave & Buster’s Dillard’s

Macy’s

Nordstrom

J.C. Penney

Dicks Sporting Goods

Sears

Victoria’s Secret

Chico’s

Zales Jewelers

Coach

Disney Store

Bath & Body Works

Pottery Barn

Barnes & Noble

Build-a-Bear

Williams-Sonoma

James Avery

Michael Kors

Banana Republic

California Pizza Kitchen

The Cheesecake Factory

The Centre at Preston Ridge lies adjacent to Stonebriar Centre, along Preston Road. This destination shopping center offers shoppers the best of everything. With over 115 stores, shops and restaurants in one location, shopping has never been better, or easier! From women’s apparel to electronics to home furnishings and accessories, The Centre at Preston Ridge is the place to shop. A sample of the massive tenant lineup includes:

Target

Best Buy

Steinmart

Pet Smart

Old Navy

Gloria’s Restaurant

Men’s Warehouse

Romano’s Macaroni Grill

Staples

Ultimate Sports Nutrition


LEGACY TOWN CENTER

Alta Cobb Hill benefits from its location with its access to multiple entertainment venues via Legacy Town Center, a 168-acre award winning, nationally recognized mixed-use development developed by Karahan Construction with designers RTKL Associates and Andres Duany. The Shops at Legacy offers residents a “downtown” feel just a short drive from the Property, with the intimacy of a community neighborhood. It is a unique “Main Street-style” experience consisting of a multitude of world-class shopping and dining options including over 600,000 square feet of restaurants and retail stores. Whether it’s the fine dining of Bob’s Steak & Chop House, the patio atmosphere of Gordon Biersh or a refreshing scoop of ice cream from Cold Stone Creamery, The Shops at Legacy provides residents and visitors with seemingly endless dining options. The names of the retail tenants alone speak to the momentum behind Legacy Town Center. Some of the most recognized tenants within this development include:

THE SHOPS AT LEGACY:

The Angelika Theatre Lululemon Athletica Jamba Juice Schakolad Chocolate

Bachendorf’s Urban Outfitters Jaspers Starbucks

Circa 2000 Willa Boutique Kenny’s Smoke House The Capital Grille

Culinary Connections Bob’s Steak & Chop House MiCocina Taco Diner

Kendra Scott Coal Vines Potbelly Sal’s Pizza

Francesca’s Collections Benihana Mexican Sugar Twisted Root Burger

Love Tennis Cold Stone Creamery Salata Village Burger Bar

K. Hovnanian Home Design Cafe Express Pepper Smash RA Sushi

Luke’s Locker Fireside Pies Sambuca 360 Zoe’s Kitchen


Dr. Pepper Ballpark

Dr. Pepper Ballpark is located minutes south of the Property along the east side of the Dallas North Tollway. This $22.7 million dollar baseball field was developed for the Frisco Rough Riders. The AA minor league baseball club is a Texas Rangers affiliate, and entertains over 10,000 baseball fans per game. Since its opening in 2003, Dr. Pepper Ballpark has won awards and garnered praise for its unique design, feel, and numerous facilities. In his design, park architect David M. Schwarz desired the creation of a village-like "park within a (ball) park.” Dr. Pepper Ballpark received the 2003 Texas Construction award for Best Architectural Design, and was named the best new ballpark in the country by BaseballParks.com

Toyota Stadium

Toyota Stadium is just a short drive south of Alta Cobb Hill, and is home to the FC Dallas professional soccer team. This first class development has a seating capacity of over 20,000, and also hosts numerous concerts throughout the year.

UNPARALLELED ACCESS

In addition to being located in an amenity-rich submarket, the area has strong local and regional access. Alta Cobb Hill benefits from excellent access to major primary freeways within the area, which provide immediate access to all of the DFW area.

• Dallas North Tollway: The Dallas North Tollway is a 32-mile, six-lane, limited-access expressway passing through and along the cities of Dallas, Highland Park, University Park, Addison, Farmers Branch, Plano and Frisco. In 2007, NTTA (North Texas Tollway Authority) extended the Tollway from Gaylord Parkway north to U.S. 380. The extension of the Tollway has helped facilitate continued economic growth and development in the northern suburbs of Dallas.

• Sam Rayburn Tollway: Formerly known as State Highway 121, the Sam Rayburn Tollway extends northeasterly from Business 121 near the Dallas/Denton county line to U.S. 75 in Collin County, offering accessibility and a quicker commute time to several Metroplex destinations including the Dallas Fort Worth International Airport, Las Colinas, Coppell, Lewisville, and Carrollton. Motorists who use the entire corridor will go through three Texas counties:

Collin, Dallas, and Denton. • President George Bush Turnpike: This tollway is a relatively

new and significant east-west route in the northern half of the Dallas/Fort Worth Metroplex. The 40-mile, six-lane, limited access expressway links commuters to high-tech corridors, corporate headquarters and other important destinations and gives motorists additional access to U.S. 75, the Dallas North Tollway, Interstate 35E, and I-635. The Bush Turnpike also offers an alternative route to the Dallas/Fort Worth International Airport, the Rangers Ballpark and Cowboys Stadium in Arlington, as well as a quicker route to cities within Collin and Denton counties.

This tollway extends through numerous residential suburbs such as Rowlett, Sachse and Garland.

The access, visibility, and sheer volume of traffic generated by these routes differentiate them from other parts of the Metroplex. They have long attracted major retailers and restaurants, and will fuel growth potential for years to come.


WORLD CLASS EDUCATION

The Frisco Independent School District is one of the fastest-growing public school districts in the nation, with more than 50,000 students enrolled in 8 high schools, 15 middle schools, 38 elementary schools and 3 special programs schools. The District is located about 30 miles north of Dallas, Texas, and encompasses 75 square miles in Collin and Denton counties, including most of Frisco and portions of McKinney, Plano and Little Elm. Children living at Alta Cobb Hill attend Newman Elementary, Trent Middle School and Lonestar High School.

Schools• Elementary Schools: 38• Middle Schools: 15• Special Programs Centers: 3• Total: 64

Enrollment• Elementary School: 24,323• Middle School: 12,487• High School: 14,047

Staff• All Employees: 6,190• Teachers: 3,328• Average Teaching Experience: 9.3 Years• Average Teaching Experience in FISD 4.8 Years• Teachers With More than 6 Years of Experience:

64%• Staff with Advanced Degrees: 27.9%• Beginning Teacher Salary: $48,500

Classrooms• Student/Teacher Ratio: 15:1• K-4 Class Size: As close to 22:1 as possible• 5-12 Class Size: 25-28:1

FinancesSchool funding comes from local, state and federal sources.FISD residents support the District through property taxes.

• General Operating Budget: $415,977,000• Combined Tax Rate: 1.46• Maintenance % Operations: $1.04• Interest & Sinking: $0.42• Taxable Value: $23.7 Billion• Average Home Value: $298,272• Spending Per Student: $7,825• FIRST Rating: Superior• FAST Rating: 5 Stars

State Accountability• District Rating: Met Standard• Campus Ratings: Met Standard, 38

with distinction

Assessments & Exams• STAAR Results: 94% met standard

(all grades, all subjects)• Average ACT Score: 24:1• Average SAT Score: 1609

Honors & Accolades• 100 Best Communities for Young

People• Best Communities for Music

Education• Texas Honors Circle Award• Texas Leadership Circle Program

Platinum Award• Dallas Morning News Best

Neighborhoods for Schools• College Board AP District Honor Roll


FRISCO STREET

FRISCO STREET

NEWMAN DRIVE

NEWMAN DRIVE

WOODSBURO WAY

WOODSBURO WAY

EL DORADO PARKWAY

EL DORADO PARKWAY

FUTURE HIGHSCHOOL

DEVELOPMENT

FUTURE WALMART

DEVELOPMENT

DEMOGRAPHICS

The following table shows the Economic and Demographic Highlights of the immediate area provided by Claritas, Inc., and include the 1-, 3-, and 5-mile trade areas, for Alta Cobb Hill:

• Average household incomes are an impressive $125,088 within one mile.• The median property value within one-mile is $273,006• With the current and planned developments surrounding Alta Cobb Hill the future growth projections could accelerate at a much

quicker pace.

ALTA COBB HILL AREA DEMOGRAPHICSCATEGORIES 1 - MILE 3 - MILE 5 - MILE

Population 2020 (projection) 3,730 62,266 184,999

% Growth 2015 - 2020 (projection) 15.32% 14.12% 13.98%

% Growth 2010 - 2015 25.96% 23.94% 24.01%

Households 2015 1,031 17,258 53,018

Households 2020 (projection) 1,183 19,602 60,098

% Growth 2010 - 2015 22.21% 20.49% 20.93%

Average Persons Per Household 3.14 3.16 3.06

Average HH Income $125,088 $126,531 $120,766Median Age 32.9 34.4 34.4

Average Age 31.3 32.1 32.6

Average Travel Time To Work 29.42 32.47 32.67

Median Property Value $273,006 $280,938 $254,679

Source: Claritas

3 PROPERTY DESCRIPTION

PROPERTY DESCRIPTION | 56 57 | PROPERTY DESCRIPTION


• Developer: Wood Partners

• Architect: Womack-Hampton

• Managed By: Wood Partners

• Years Built: 2009

• Number of Units: 340

• Number of Buildings: 17 three (3) story buildings, plus leasing center

• Average Unit Size: 1,036 square feet

• Physical Address: 6000 Eldorado Parkway, Frisco, TX 75033

• Land Area: 23.048 acres

• Density: 14.75 units per acre

• Zoning: PD-166 MF-2, City of Frisco

• Parking: 730 total parking spaces, 424 open surface spaces136 one car attached garages34 two car attached garages

• Schools: Frisco ISD

• Elementary School: Newman

• Middle School: Trent

• High School: Lonestar

• Water: City of Frisco

• Sewer: City of Frisco

• Electricity: Conserv

• Gas: Atmos

• Internet: Time Warner

• Cable: Time Warner

• Telephone: Time Warner

• Waste: City of Frisco

• Security: 1 Courtesy Officer

• Personnel: 1 Property Manager1 Assistant Manager2 Leasing Agents1 Maintenance Supervisor1 Maintenance Tech1.5 Porters


• Foundation: Concrete Slab on grade lower floor. Upper floors are lightweight concrete poured over plywood decking and pre-fabricated wood trusses. Wood stud floor beams bridge each floor

• Exeterior Walls: 3 story wood frame construction with Sone Veneer, Stucco and Hardiplank Sliding

• Apartment Framing: Wood post and beam

• Interior Walls/Ceilings: Drywall painted and textured

• Roof: Gabled pitch roof with shingles. Roof was completely replaced in 2014.

• Lighting: Fluorescent and Incandescent

• Windows: Thermal windows in aluminum frames

• Doors: Exterior are metal, French glass doors lead to the patios and balconies. Interior doors are painted hollow core

• Upper Level Access: Exterior stairs are pre-cast concrete treads with metal stringers and handrails

• HVAC Systems: Individual package heating and air-conditioning units mounted on grade. Units range from 1.5 to 2.5 tons

• Electrical: Individually metered for electric.

• Plumbing: Individual electric Bradford-White electric hot waters heater, 47 gallon capicaty.

• Bathrooms: Shower/Tub kit with wall-mounted showerheads, toilet,sink and ceramic tile flooring.

• Fire Safety/Security: 100% sprinkled with hard wired smoke detectors. Each unit has a dead bolt lock, peepholes and are pre-wired for individulal security alarms.

• Community Amenities: Fitness center with adjoining childrens activity center, resort-style pool, pond with floating fountain, picnic areas with bbq grills, business center, clubhouse with Wi-Fi, game room with billards, television and landscaped courtyards.

• Landscaping: Fully landscaped with a variety of trees, shubbery and grass. Sprinkled.

A11 BEDROOM | 1 BATHROOM | 761 SF

A31 BEDROOM | 1 BEDROOM | 914 SF

AG4 - GARAGE1 BEDROOM | 1 BEDROOM | 818 SF



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4 FINANCIAL OVERVIEW

FINANCIAL OVERVIEW | 74 75 | FINANCIAL OVERVIEW

HISTORICAL TRENDS

Alta Cobb Hill is in exceptional condition offering an abundance of amenities, making it a highly sought after community in the Frisco market.

• Alta Cobb Hill has reported strong historical income growth due to the strengthening of the Dallas and economy and its location within the dynamic Frisco submarket.

• The effective rental rate increases have resulted in Total Rental Income increasing by 5.4% from March 2015 to February 2016 while Total Income grew by 6.4 over the same time frame:

• The property’s positive income trend is expected to continue as the overall Frisco submarket occupancy for 4th quarter 2015 is 93.5%. The strong rental demand presents a promising opportunity for further effective rate increases.

• Based on the projected population and job growth entering the Frisco submarket, these positive trends should continue in the coming years.

HISTORICAL INCOME TREND

ALTA COBB HILL - PROPOSED YEAR ONE PROFORMA

Proforma % of TI Per Unit Per SF

Property INCOME

Potential Rent $5,500,582 100% $16,178 $15.62

Upgrade Premiums $136,800 2.5% 402 0.39

Adjusted Market Rent $5,637,382 100% 16,581 16.00

Gain/ Loss to Lease (68,757) -1.3%

Net Potential Rent 5,568,624 99% 16,378 15.81

Recurring Concessions - New Lease 0 0.0% 0 0.00

Non-Recurring Concessions - New Lease (5,501) -0.1% (16) (0.02)

Vacancy (275,029) -5.0% (809) (0.78)

Courtesy Officer Units (9,626) -0.2% (28) (0.03)

Employee Units (7,472) -0.1% (22) (0.02)

Models (33,003) -0.6% (97) (0.09)

Bad Debt/Recovery (16,502) -0.3% (49) (0.05)

TOTAL RENTAL INCOME $5,221,491 94.9% 15,357 14.82

Total Rental Income Per Month: $435,124

Total Other Income $287,416 5.2% 845 0.82

TOTAL INCOME $5,508,907 100% $16,203 $15.64

ALTA COBB HILL - PROPOSED YEAR ONE PROFORMA, cont.

Proforma % of TI Per Unit Per SF

PROPERTY EXPENSES

Payroll 382,816 7.0% 1,126 1.09

Utilities (Net) 74,757 1.4% 220 0.21

Landscaping and Contract Services 63,173 1.1% 186 0.18

Redecorating Make Ready 84,290 1.5% 248 0.24

Repairs and Maintenance 81,107 1.5% 239 0.23

Total Leasing and Marketing 85,000 1.5% 250 0.24

Total Office and Administrative 78,200 1.4% 230 0.22

Total Controllable Expenses $849,342 15% $2,498 $2.41

Management Fees 137,301 2.5% 404 0.39

Property Insurance 76,500 1.4% 225 0.22

Texas Franchise Tax (TFT) 18,179 0.331% 53 0.05

Real Estate Taxes 761,869 13.9% 2,241 2.16

Replacement Reserve 85,000 1.5% 250 0.24

Total Non-Controllable Expenses $1,078,849 20% $3,173 $3.06

TOTAL Property EXPENSES $1,928,191 $5,671 $5.47

NET OPERATING INCOME (NOI): $3,580,717 $10,532 $10.17


CURRENT RENTS

The following Unit Mix & Rent Schedule summarizes the average Market Rental Rates as of April 3rd, 2016.

FLOORPLAN TYPE # UNITS AVERAGE SF MARKET RATE (4/3/16) MARKET RENT PER SF MONTHLY MARKET RENT ANNUAL MARKET RENT

f4a1.1 1 Bed / 1 Bath 29 761 $949 $1.25 $27,521 $330,252

f4a2.1 1 Bed / 1 Bath 29 806 $926 $1.15 $26,854 $322,248

f4a3.1 1 Bed / 1 Bath 5 818 $1,012 $1.24 $5,060 $60,720

f4ag4.1 1 Bed / 1 Bath 17 818 $1,167 $1.43 $19,839 $238,068

f4ag5.1 1 Bed / 1 Bath 15 824 $1,175 $1.43 $17,625 $211,500

f4ag6.1 1 Bed / 1 Bath 17 830 $1,191 $1.43 $20,247 $242,964

f4ag7.1 1 Bed / 1 Bath 2 845 $1,219 $1.44 $2,438 $29,256

f4a7.1 1 Bed / 1 Bath 5 863 $1,034 $1.20 $5,170 $62,040

f4a8.1 1 Bed / 1 Bath 17 902 $1,082 $1.20 $18,394 $220,728

f4a9.1 1 Bed / 1 Bath 17 914 $1,092 $1.19 $18,564 $222,768

f4ag10.1 1 Bed / 1 Bath 17 968 $1,379 $1.42 $23,443 $281,316

f4a11.1 1 Bed / 1 Bath 17 974 $1,161 $1.19 $19,737 $236,844

f4ag12.1 1 Bed / 1 Bath 2 1,052 $1,390 $1.32 $2,780 $33,360

f4bg1.2 2 Bed / 2 Bath 34 1,173 $1,471 $1.25 $50,014 $600,168

f4bg2.2 2 Bed / 2 Bath 17 1,188 $1,517 $1.28 $25,789 $309,468

f4b3.2 2 Bed / 2 Bath 34 1,230 $1,421 $1.16 $48,314 $579,768

f4bg4.2 2 Bed / 2 Bath 30 1,266 $1,622 $1.28 $48,660 $583,920

f4cg1.2 3 Bed / 2 Bath 17 1,380 $1,708 $1.24 $29,036 $348,432

f4c2.2 3 Bed / 2 Bath 17 1,408 $1,573 $1.12 $26,741 $320,892

f4cg3.2 3 Bed / 2 Bath 2 1,478 $1,833 $1.24 $3,666 $43,992

Totals: 340 1,036 $1,294 $1.25 $439,892 $5,278,704

2016 PROFORMA INCOME ASSUMPTIONSThe following financial analysis and corresponding income and expense nomenclature are based on the Operating Statements ending February 2016, and the Rent Roll dated April 3, 2016. The financial statements along with a current rent roll and lease expiration schedule are available on the due diligence website.

Market Potential: The Year One Proforma applies a rental rate growth of 4.3% off of the current rent roll annualized. Market Rent at the property has grown by 4.3% over the last 12 months. The Year One Proforma market rental rate is $1,348 per month or $1.30 per square foot.

Upgrade Premiums: The Year One Proforma assumes an upgrade package entailing what current management recently completed on one single unit, the f4a1.1, or 761 sq. ft. unit type. The upgrades entail the following:

The property is receiving a $100 rent premium per month from these recent upgrades. The new program will upgrade the remaining 339 units over a three year period, with 114 units being completed in Year One, 113 units in Year Two and 112 units in Year Three.

Gain/Loss to Lease: For purposes of the Year One Proforma a market Loss to Lease figure equal to 1.3% of the Property’s Market Potential. The current rent roll shows a Loss to Lease figure of 1.4%.

Rental Concessions: The Year One Proforma employs a non-recurring concession of 0.1% of Market Potential and assumes no recurring concessions. The property is currently running look and lease specials at 0.1% and haven’t run any recurring concessions over the last 10 months.

Vacancy Loss: A stabilized vacancy loss of 5.0% is utilized within the Year One Proforma. The property has been occupied at or above 95% historically which falls in line with the Frisco markets historical and current high occupancy levels.

Courtesy Officer Units: The property has a courtesy officer who lives on site and receives an $9,626 discount on rent annually.

Employee Units: Four total staff members live on property including two site staff, one corporate staff and one sister property. The site staff and corporate staff receive a 20% discount per month and the sister property employee receives a 10% discount per month.

Model Unit: Assumes the Property will continue to operate with two model units in Year One which equates to 0.6% of AMR.

Bad Debt Expense: Is based on a market standard of 0.3% of AMR which is typical for similar assets within the immediate area.

• Tile Backsplash• New Lighting Package• Towel Bars in Bathrooms• Framed Mirrors• Stainless Steel Appliance

packages

• New Faucet Package• New Bedroom and Living Room

Ceiling Fan With Light• New Shower Heads

UNIT ENHANCEMENT PROGRAM

YEAR UNITS PREMIUMFULLY COMPLETED

PREMIUM/MONTH

FULLY COMPLETED

PREMIUM/YEAR

2016 114 $100 $11,400 $136,800

2017 113 $100 $11,300 $135,600

2018 112 $100 $11,200 $134,400

TOTAL UPGRADE PREMIUM: $406,800

TOTAL UPGRADE PREMIUM PER YEAR: $135,600


OTHER INCOME

Alta Cobb Hill presents new ownership with a multitude of opportunities to boost collections as well as implement new income generators as seen by the following:

The Year One Proforma uses Other Income figures from the Trailing 3 months grown by 3% with the addition of Month to Month Premiums the property has seen in recent leases.

2016 PROFORMA EXPENSE ASSUMPTIONSThe specific line-item expense categories for the Controllable Expenses employed in the Year One Proforma are based on the historical performance of the Property, as well as current Agency underwriting standards.

Payroll: Currently, the Property employs seven full-time employees and one part time employee. The Year One Proforma has assumes seven full time employees and is summarized as follows:

Utilities (Net): These line items each contain correlating utility related expenses and assumptions are based upon T-12 operations accounting for inflation.

Landscaping and Contract Services: Includes all grounds related expenses such as supplies, alarms, pest control and common area cleaning. This also accounts for maintenance of the lake in front of the property.

Redecorating and Make Ready: This line item includes carpet cleaning, painting and vacant unit prep.

OTHER INCOME

Administrative Fees $19,673

Application Fees $21,733

Damages Cleaning $8,688

Forfeited Security Deposit $2,472

Garage $5,898

Gate Card Income $474

Initial Pet Fees $12,360

Late Fees $57,758

Lease Cancellation Fees $89,832

Legal Fees To Residents $3,317

Miscellaneous $3,632

MTM Premium* $8,755

NSF Fees $1,854

Pet Premium $20,636

Redecoration Fees $1,236

Tenant Damages Fees $19,890

Transfer Fees $8,240

Other Miscellaneous Income $968

Total Other Income $287,416

HOURLY WAGE INSIDE

Manager $25 $52,000

Assistant Manager $20 $41,600

Leasing $15 $31,200

Leasing $15 $31,200

Total Inside $75 $156,000

Maintenance Supervisor $22 $45,760

Maintenance Tech $17 $35,360

Porter $15 $31,200

Total Outside $54 $112,320

Load at 30% $80,496

+

Leasing Bonus @ $100 per unit $34,000

TOTAL PAYROLL $382,816


Repairs and Maintenance: This line item includes all interior and exterior repairs and maintenance related expenses such as HVAC maintenance, interior and exterior repairs, etc.

Leasing and Marketing: Includes advertising, marketing, promotions and more.

Office and Administrative: This line item includes all front office related expenses such as office supplies, resident credit/background screening, computer expenses, in addition to other items.

Management Fee: In consideration of the size and quality of the Property, we have assumed a Management Fee of 2.5% of Total Income.

Property Taxes: The following table displays the applicable taxing jurisdictions, tax rates and property assessment for Alta Cobb Hill, as set by the Collin County Appraisal District.

*Please consult a tax consultant on this matter.

Texas Franchise Tax (TFT): The TFT is imposed on each taxable entity chartered/organized in Texas or doing business in Texas. Effective January 1, 2016 HB 32 effectively lowered the TFT tax rate from 0.575% of Total Income to 0.331% of Total Income. The Year One Proforma calculates the TFT using the E-Z Computation (0.331% of total property income). Please consult a tax advisor regarding this matter.

Property Insurance: This expense includes property and general liability insurance. The Year One Proforma reflects a market rate property insurance amount of $225 per unit.

Replacement Reserves: Given the vintage of the Property, the Year One Proforma reflects $250 per unit, consistent with market standards.

COLLIN COUNTY APPRAISAL DISTRICT

Taxing Jurisdiction 2015 Rate Property Information

City of Frisco 0.46000

Collin County 0.22500

Collin County Community College 0.08196 Land Size 22.989

Frisco ISD 1.46000 Units per Acre 14.8

2015 Tax Rate: 2.226960 2015 Assessed Value $34,211,181

2015 Estimated Real Estate Tax Expense: $761,869


ALTA COBB HILL - DISCOUNTED CASH FLOW ANALYSIS

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7

Market Rent Growth (%): 4.3% 4.0% 4.0% 3.75% 3.75% 3.5% 3.5%

Rent Growth ($): $56 $87 $91 $90 $61 $119 $61

Rent Per Unit: $1,348 $1,436 $1,526 $1,616 $1,677 $1,736 $1,797

Rent Per SF: $1.30 $1.39 $1.47 $1.56 $1.62 $1.68 $1.73

Effective Rent Growth Per Unit (%): 3% 7% 7% 6% 4% 8% 3%

Effective Rent Growth Per Unit ($): $38 $90 $93 $93 $62 $121 $60

Effective Rent Per Unit: $1,329 $1,419 $1,512 $1,606 $1,668 $1,726 $1,787

Effective Rent Per SF: $1.28 $1.37 $1.46 $1.55 $1.61 $1.67 $1.72

Gain/ Loss to Lease -1.3% -1.0% -0.80% -0.60% -0.50% -0.50% -0.50%

Recurring Concessions - New Lease 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Non-Recurring Concessions - New Lease -0.1% -0.08% -0.06% -0.04% -0.02% -0.01% -0.01%

Vacancy -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0%

Courtesy Officer Units -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2%

Employee Units -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%

Models -0.6% -0.6% -0.6% -0.6% -0.6% -0.6% -0.6%

Bad Debt/Recovery -0.3% -0.3% -0.3% -0.3% -0.3% -0.3% -0.3%

Economic Occupancy: 95% 95% 95% 93% 93% 93% 93%

Other Income: 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Expense Growth: 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Management Fee: 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

Texas Franchise Tax: 0.331% 0.331% 0.331% 0.331% 0.331% 0.331% 0.331%

ALTA COBB HILL - DISCOUNTED CASH FLOW ANALYSIS


Property INCOME

Potential Rent $5,500,582 $5,857,405 $6,227,301 $6,595,225 $6,842,546 $7,082,035 $7,329,906

Upgrade Premiums $136,800 $135,600 $134,400 $0 $0 $0 $0

Gain/ Loss to Lease -$68,757 -$58,574 -$49,818 -$39,571 -$34,213 -$35,410 -$36,650

Net Potential Rent $5,568,624 $5,934,431 $6,311,883 $6,555,654 $6,808,333 $7,046,625 $7,293,257

Recurring Concessions - New Lease $0 $0 $0 $0 $0 $0 $0

Non-Recurring Concessions - New Lease -$5,501 -$4,393 -$3,736 -$2,638 -$1,369 -$708 -$733

Vacancy -$275,029 -$292,870 -$311,365 -$329,761 -$342,127 -$354,102 -$366,495

Courtesy Officer Units -$9,626 -$10,250 -$10,898 -$11,542 -$11,974 -$12,394 -$12,827

Employee Units -$7,472 -$7,957 -$8,459 -$8,959 -$9,295 -$9,620 -$9,957

Models -$33,003 -$35,144 -$37,364 -$39,571 -$41,055 -$42,492 -$43,979

Bad Debt/Recovery -$16,502 -$17,572 -$18,682 -$19,786 -$20,528 -$21,246 -$21,990

TOTAL RENTAL INCOME $5,221,491 $5,566,244 $5,921,379 $6,143,397 $6,381,985 $6,606,063 $6,837,275

Net Rental Income Per Month: $435,124 $463,854 $493,448 $511,950 $531,832 $550,505 $569,773

Occupancy: 95% 95% 95% 95% 95% 95% 95%

Total Other Income $287,416 $296,038 $304,919 $314,067 $323,489 $333,194 $343,189

TOTAL INCOME $5,508,907 $5,862,282 $6,226,298 $6,457,464 $6,705,474 $6,939,256 $7,180,464

TOTAL INCOME Per Month: $459,076 $488,524 $518,858 $538,122 $558,790 $578,271 $598,372


ALTA COBB HILL - DISCOUNTED CASH FLOW ANALYSIS, cont.


Property EXPENSES

Payroll $382,816 $394,300 $406,129 $418,313 $430,863 $443,789 $457,102

Utilities (Net) $74,757 $76,999 $79,309 $81,689 $84,139 $86,663 $89,263

Landscaping and Contract Services $63,173 $65,068 $67,020 $69,030 $71,101 $73,234 $75,431

Redecorating Make Ready $84,290 $86,818 $89,423 $92,106 $94,869 $97,715 $100,646

Repairs and Maintenance $81,107 $83,540 $86,046 $88,628 $91,287 $94,025 $96,846

Total Leasing and Marketing $85,000 $87,550 $90,177 $92,882 $95,668 $98,538 $101,494

Total Office and Administrative $78,200 $80,546 $82,962 $85,451 $88,015 $90,655 $93,375

Total Controllable Expenses $849,342 $874,822 $901,067 $928,099 $955,942 $984,620 $1,014,158

Management Fees $137,301 $146,557 $155,657 $161,437 $167,637 $173,481 $179,512

Property Insurance $76,500 $78,795 $81,159 $83,594 $86,101 $88,684 $91,345

Texas Franchise Tax (TFT) $18,179 $19,404 $20,609 $21,374 $22,195 $22,969 $23,767

Real Estate Taxes $761,869 $784,725 $808,267 $832,515 $857,491 $883,215 $909,712

Replacement Reserve $85,000 $87,550 $90,177 $92,882 $95,668 $98,538 $101,494

Total Non-Controllable Expenses $1,078,849 $1,117,032 $1,155,869 $1,191,801 $1,229,092 $1,266,888 $1,305,830

TOTAL Property EXPENSES $1,928,191 $1,991,854 $2,056,936 $2,119,900 $2,185,034 $2,251,508 $2,319,989

NET OPERATING INCOME (NOI): $3,580,717 $3,870,428 $4,169,362 $4,337,564 $4,520,440 $4,687,748 $4,860,476

5 DFW APARTMENT MARKET

DFW APARTMENT MARKET OVERVIEW | 88 89 | DFW APARTMENT MARKET OVERVIEW

• Single-family and multifamily building permits are keeping a fairly steady pace in the core counties. There has been a significant shift toward multifamily, where single-family represented 85% of total permits 10 years ago, today it is 54%.

• Based on the historical 20-year population growth, there appears to be a shortfall of residential stock, both single-family and multi-family – especially given the smaller household sizes. Our review suggests we are running 8,000 permits shy annually of a balanced market – with most of that occurring in the single-family sector and at close-in locations in Dallas and Collin Counties.

EXCERPT FROM MPF RESEARCH’S 4TH QUARTER 2015 MULTIFAMILY OUTLOOK

“Structural demand drivers are strong in the Dallas/Fort Worth apartment market, as a robust and highly diverse economy continues to fuel job and population growth. The region remains a national leader for job creation, which has pushed unemployment to very low levels. Barring a broader economic slowdown, those trends should continue. With robust job growth, apartment demand has been extremely strong – outpacing new supply levels that are among the region’s highest since 2001. Going forward, the depth of demand will be tested further. New supply is set to expand the apartment stock 3.5% over the next year, and apartment construction, already among the highest levels nationally, is unlikely to slow meaningfully in the short term. The majority of development is concentrated in the downtown areas of both Dallas and Fort Worth and in the northern suburbs of both markets. These areas, however, continue to thrive, even with heavy new supply volumes. In turn, the region’s occupancy rate remains around decade-high levels and rent growth remains among 20-year high levels. Across the Metroplex, the for-sale housing market does not appear to compete with the apartment market, with low inventory levels and strong demand for all types of housing.”

FRISCO (DAL28)

Given its location directly off of the Dallas North Tollway, Alta Cobb Hill competes well with other properties in its competitive set. Alta Cobb Hill is directly accessible to major commuter corridors in the DFW region, and it continues to experience strong rental demand due to its proximity to major employment centers in Frisco and Dallas along with world renowned airports such as DFW International and Dallas Love Field, and proximity to a plethora of recreational parks and other entertainment venues providing a quality of life hardly matched in the surrounding areas.

OccupancyAs of 1Q 2016, per MPF:

• The submarket is essentially full with overall average occupancy of 94.4%.

Effective Rental Rates• According to MPF 1Q16, annual effective rent growth for the

Frisco submarket is 4.5%.• 2000’s vintage properties within the submarket also recorded

annual effective rent growth of 4.8%.• As of MPF 1Q16, the Frisco submarket reported average effective

rents of $1,236, $206 above the Metroplex average effective rent of $1,030.

Demand / Absorption• Per MPF 1Q16, the Frisco submarket experienced an annual

demand of 1,192 apartment units.• Continued strong demand is expected moving forward as the

MPF one year forecast predicts annual demand of 2,074 units.

New Supply• There were 1,465 units completed in the Frisco submarket over

the last four quarters. • Currently there are 4,009 units under construction in the Frisco

submarket.

SUMMARY

The property enjoys a prominent location in one of the fastest-growing areas of North Texas, high occupancy levels, and is continually highly sought-after by prospective renters due to its superior access to major employment corridors. With the pending delivery of several large-scale mixed-use developments and entertainment venues in the Frisco market, this strong combination of attributes will ensure strong demand by tenants for years to come.

6 RENT COMPARABLES

RENT COMPARABLES | 92 93 | RENT COMPARABLES

SUMMARY OF RENT COMPARABLES

Property Year Built Occ. # Units Avg SF Eff Rent Eff Rent/SF

Alta Cobb Hill 2009 95% 340 1,036 $1,292 $1.25

Camden Panther Creek 2009 96% 295 946 $1,140 $1.21

La Valencia at Starwood 2009 96% 270 992 $1,344 $1.35

Lebanon Ridge 2009 97% 341 1,004 $1,309 $1.30

Boulevard at Frisco Square 2011 91% 282 858 $1,122 $1.31

The Towers by The Park 2014 96% 380 1,193 $1,709 $1.43

Subtotals/Averages 95% 1908 1,015 $1,337 $1.32

SUMMARY SORTED BY EFFECTIVE RENT PER MONTH




Lebanon Ridge 2009 97% 341 1,004 $1,309 $1.30

Alta Cobb Hill 2009 95% 340 1,036 $1,292 $1.25




SUMMARY SORTED BY EFFECTIVE RENT PER SF





Lebanon Ridge 2009 97% 341 1,004 $1,309 $1.30

Alta Cobb Hill 2009 95% 340 1,036 $1,292 $1.25



Towers by thePark

Lebanon Ridge

Valencia atStarwood

Boulevard atFrisco Square

Camden Panther Creek

ALTA COBB HILL

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

The Towers byThe Park

La Valencia atStarwood

Lebanon Ridge Alta Cobb Hill Camden PantherCreek


$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

$1.45

The Towers byThe Park

La Valencia atStarwood


Lebanon Ridge Alta Cobb Hill Camden PantherCreek

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

$1.45

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

The Towers by the Park

La Valencia at Starwood

Lebanon Ridge

Alta Cobb Hill


Boulevard at Frisco Square

The Towers by the Park

La Valencia at Starwood

Boulevard at Frisco Square

Lebanon Ridge

Alta Cobb Hill



UNIT TYPE # UNITS SF MARKET RENTS MARKET RENT/PSF

1BR - 1BA 6 769 $1,119 $1.46

1BR - 1BA 12 769 $979 $1.27

1BR - 1BA 42 795 $939 $1.18

1BR - 1BA 56 800 $949 $1.19

1BR - 1BA 21 809 $1,099 $1.36

1BR - 1BA 1 818 $1,069 $1.31

1BR - 1BA 2 818 $1,019 $1.25

1BR - 1BA 21 845 $1,169 $1.38

1BR - 1BA 21 910 $939 $1.03

2BR - 1BA 21 1,037 $1,379 $1.33

2BR - 2BA 21 1,076 $1,299 $1.21

2BR - 2BA 6 1,104 $1,509 $1.37

2BR - 2BA 4 1,106 $1,279 $1.16

2BR - 2BA 21 1,128 $1,289 $1.14

2BR - 2BA 12 1,148 $1,329 $1.16

2BR - 2BA 6 1,148 $1,439 $1.25

2BR - 2BA 4 1,170 $1,289 $1.10

2BR - 2BA 6 1,231 $1,359 $1.10

3BR - 2BA 8 1,529 $1,649 $1.08

3BR - 2BA 4 1,654 $1,579 $0.95

Totals / Averages 295 946 $1,140 $1.21

COMMUNITY FEATURES• Limited Access Gates• Door-to-Door Valet Trash Pick Up• 24-hour Emergency Maintenance• Wi-Fi Available in Common Areas• Online Rent Payments & Maintenance Requests• Full Service Business Center• Pet-Friendly Community with Unleashed Bark

Park• Swimming Pool with Beach Entrance• Fitness Center• Two Outdoor Grill Areas

UNIT INTERIOR FEATURES• Washer/Dryer Included• Walk-In Closets• Granite Countertops• Alarm Monitoring Available

CAMDEN PANTHER CREEK9415 Panther Creek Parkway

Frisco, TX 75035

Year Built: 2009Occupancy: 96%Manager: Camden Property

1 Bedroom | 62%

2 Bedroom | 34%

3 Bedroom | 4%



1BR - 1BA 30 753 $968 $1.29

1BR - 1BA 30 744 $1,163 $1.56

1BR - 1BA 30 761 $1,028 $1.35

1BR - 1BA 30 878 $1,098 $1.25

1BR - 1BA 30 897 $1,338 $1.49

2BR - 2BA 30 1,074 $1,363 $1.27

2BR - 2BA 30 1,074 $1,573 $1.46

2BR - 2BA 30 1,296 $1,718 $1.33

3BR - 2BA 30 1,450 $1,845 $1.27

Totals / Averages 270 992 $1,344 $1.35

COMMUNITY FEATURES• Controlled Access Gates• Business Center• Sparkling Resort Pool• Recycling Center• Attached Garages Available in Select

Units• Walking Trail along Creek• Fitness Center• Clothes Care Facility• Gift Wrapping Center

UNIT INTERIOR FEATURES• Wood Style Flooring• Instrusion Alarms• Stainless Steel Appliances• Pre-Wired for Surround Sound and

Satellite

LA VALENCIA AT STARWOOD6805 Lebanon Road

Frisco, TX 75034

Year Built: 2009Occupancy: 96%Manager: MAA Communities

1 Bedroom | 56%

2 Bedroom | 33%

3 Bedroom | 11%



1BR - 1BA 24 759 $1,100 $1.45

1BR - 1BA 18 771 $968 $1.26

1BR - 1BA 89 824 $1,119 $1.36

1BR - 1BA 14 855 $1,187 $1.39

2BR - 1BA 24 971 $1,268 $1.31

2BR - 1BA 16 992 $1,298 $1.31

2BR - 1BA 8 992 $1,298 $1.31

2BR - 2BA 34 1,154 $1,476 $1.28

2BR - 2BA 14 1,154 $1,476 $1.28

2BR - 2BA 16 1,177 $1,439 $1.22

2BR - 2BA 8 1,177 $1,439 $1.22

2BR - 2BA 2 1,187 $1,674 $1.41

2BR - 2BA 24 1,194 $1,435 $1.20

2BR - 2BA 16 1,207 $1,523 $1.26

2BR - 2BA 8 1,207 $1,523 $1.26

2BR - 2BA 2 1,295 $1,594 $1.23

3BR - 2BA 24 1,317 $1,749 $1.33

Totals / Averages 341 1,004 $1,309 $1.30

COMMUNITY FEATURES• Fitness Center with Kid Friendly Play

Room• Executive Business Center• Theater Room with 96” Screen• Billiards Room with Coffee Bar• Covered Parking• Playground with Picnic Seating• Resort Style Pool with Salt Water• Pet Park• Car Care Center

UNIT INTERIOR FEATURES• Black Appliances• Island Style Countertops• Washer/Dryer

LEBANON RIDGE2355 Lebanon Road

Frisco, TX 75034

Year Built: 2009Occupancy: 97%Manager: LBK Management

1 Bedroom | 43%

2 Bedroom | 50%

3 Bedroom | 7%



Studio 14 557 $910 $1.63

1BR - 1BA 160 708 $945 $1.33

1BR - 1BA 8 874 $1,050 $1.20

1BR - 1BA 8 1,030 $1,310 $1.27

1BR - 1BA 8 1,065 $1,330 $1.25

1BR - 1BA 8 1,072 $1,405 $1.31

1BR - 1BA 4 1,043 $1,385 $1.33

2BR - 2BA 35 1,068 $1,300 $1.22

2BR - 2BA 30 1,249 $1,595 $1.28

2BR - 2BA 3 1,148 $1,670 $1.45

3BR - 2BA 4 1,514 $1,985 $1.31

Totals / Averages 282 858 $1,122 $1.31

COMMUNITY FEATURES• Clubhouse• Close to Frisco Dog Park• Fitness Center• Multi-Level Parking Garage, Remote Entry• Gated Electronic Entrance• Laundry Facilities on Site• Online Rental Payments• DVD Library• Sparkling Pool• Storage Available• WiFi Available• Business Center• Grilling Plaza• Private Courtyards and Fountains• 24-Hour Emergency Maintenance

UNIT INTERIOR FEATURES• Private Patio and Balcony• GE Black Appliances• High 9’ Ceilings• Walk-in Closets• Washer/Dryer Hookup• Built in Microwave Ovens• Plush Carpeting• Garden Tubs*• Ceramic Tile Flooring in Bath• Elevators, Handicap Accessible Units• Air Conditioning• Panache Wood Flooring• Beleved Edge Faux Wood Cabinetry• Energy Efficient Appliances• Granite CounteropsBOULEVARD AT FRISCO SQUARE

6255 Frisco Square BoulevardFrisco, TX 75034

Year Built: 2011Occupancy: 91%Manager: Sherman Residential

1 Bedroom | 70%

2 Bedroom | 24%

Three Bedroom | 1%

Studio | 5%



1BR - 1BA 64 720 $1,034 $1.44

1BR - 1BA 64 804 $1,261 $1.57

1BR - 1BA 64 1,045 $1,653 $1.58

2BR - 2BA 64 1,249 $1,803 $1.44

3BR - 2BA 64 1,532 $2,055 $1.34

4BR - 4BA 60 1,850 $2,500 $1.35

Totals / Averages 380 1,193 $1,709 $1.43

COMMUNITY FEATURES• Infinity Edge (165-Long) Swimming

Pool• 24/7 Hour Fitness Center• Direct Access to McCord Park• BBQ Areas• 24/7 Maintenance• Private Tanning• Detached Garages• Business Center• Poolside Cabanas• Starbucks WiFi Cafe• Game Room• Mail Center

UNIT INTERIOR FEATURES• Granite Countertops• Stained Concrete or Faux Stone

Flooring• Oversized Kitchen Cabinets and Tile

Backsplash• Full Size Washer/Dryer Connections• Stainless Steel Appliances• Elevator Access• Garden Tubs• Crown Molding• 9-10’ Ceilings• Extra Tall Windows• Track Lighting• Walk-In Pantries

THE TOWERS BY THE PARK1750 FM 423

Frisco, TX 75033

Year Built: 2014Occupancy: 96%Manager: W3 Luxury Living

1 Bedroom | 51%

2 Bedroom | 17%

Three Bedroom | 17%

Studio | 16%

FOR MORE INFORMATION, PLEASE CONTACT: FOR FINANCING INFORMATION, PLEASE CONTACT:

FOR SCHEDULING & CONFIDENTIALITY AGREEMENTS:

BILL SIMMONSSenior Vice [email protected]

JEFF PRICEManaging [email protected]

ALISAN [email protected]

DUSTIN DULINExecutive Vice [email protected]

CARISSA [email protected]

This Brochure is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in Alta Cobb Hill, 6000 Eldorado Parkway, Frisco, TX 75033 (the “property”).

The potential investor is urged to perform its own examination and inspection of the property and information relating to same, and shall rely solely on such examination and investigation and not on this Brochure or any materials, statements or information contained herein or otherwise provided.

Neither Jones Lang LaSalle Americas, Inc. nor the Owner, nor any of their respective partners, directors, officers, employees, shareholders, manager and agents (collectively, “Agents”), make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Brochure or the property or any materials, statements (including financial statements and projections) or information contained herein or relating thereto, or as to the accuracy or completeness of such materials, statements or information, or as to the condition, quality or fitness of the property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources, and have not been tested or verified. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be given.

Without limiting the foregoing, in the event this Brochure contains information relating to asbestos or any other hazardous, toxic or dangerous chemical, item, waste or substance (“Hazardous Materials”) in relation to the property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Agents or the Owner, as to the existence or non-existence or nature of Hazardous Materials in, under, on or around the property.

This Brochure is provided subject to errors, omissions, change of price or terms and other changes to the materials, statements and information contained herein or relating to the property, and is subject to withdrawal, all without notice. The contents hereof are confidential and are not to be reproduced or distributed to any person or entity without the prior written consent of Agents or used for any purpose other than initial evaluation as indicated above.

8343 DOUGLAS AVENUEDALLAS, TEXAS 75225www.jll.com/texascmg

Alta Cob Hill

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