Richard D. ButlerSenior Vice President InvestmentsNational Multi Housing Group(602) 687-6782 direct(602) 618-8881 mobilerichard.butler@marcusmillichap.com

E X C L U S I V E M U L T I - F A M I L Y O F F E R I N G

A 91-UNIT MULTIFAMILY COMMUNITY IN PHOENIX, ARIZONA

Golden Key3675 W. Osborn Road

Phoenix, AZ 85019

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 Marcus & Millichap

Marcus & Millichap is pleased to announce theopportunity to acquire Golden Key -- a 91-unitmultifamily community located in Phoenix, Arizona.Situated less than a half mile south of U.S. Route 60(Phoenix-Wickenburg Highway), one mile west ofInterstate-17, as well as one and a half miles northof Interstate-10, Golden Key offers ease of accessinto all parts of the Valley including downtownPhoenix, Sky Harbor International Airport, ArizonaState University and the southeast Valley.

Built in 1980, Golden Key is block constructed withpitched asphalt tile roofs and is individuallymetered for electricity including tenants’ air-conditioning. Comprised of large studio, one-bedroom and two-bedroom apartment homesranging in size from 425 to 883 square feet, allunits have an open floor plan design including walk-in closets, ample storage space, and full sizerefrigerators and stoves. Unit upgrades includeflooring, windows, paint and appliances as well asreconditioned counters and painted cabinets.Common area amenities include a courtyardswimming pool, laundry facility with high capacitymachines, private-entry staircases, tasteful desertlandscaping, a resurfaced parking lot, and aconveniently located leasing office.

Golden Key is located south of Indian School Roadand west of 35th Avenue in close proximity topopular destinations such as the Maryvale BaseballStadium, spring training home of the MilwaukeeBrewers, Christown Spectrum Mall, Ak-ChinPavilion, and the Arizona State Capitol Plaza. Thedynamically expanding Grand Canyon University istwo miles north of Golden Key, offeringemployment and educational opportunities forresidents. Golden Key is also adjacent to over 14million square feet of industrial space along bothsides of 35th Avenue, south of the U.S. Route 60and north of Interstate-10.

Unit Mix Unit Count

Sq. Ft. Total Sq. Ft.

Rent/ Unit

Rent/ Sq. Ft.

Gross Potential

Studio 1 Ba 19 425 8,075 $550 $1.29 $10,450

1 Bd 1 Ba 36 625 22,500 $650 $1.04 $23,400

2 Bd 2 Ba 36 883 31,788 $750 $0.85 $27,000

Price $6,500,000

Units 91

Price Per Unit $71,429

Rentable Sq. Ft. 62,363

Price Per Sq. Ft. $104.23

Year Built 1980

Cap Rate 5.25%

Income Actual

Gross Potential Rent $730,200

Vacancy Loss (5%) (36,510)

Loss-to-Lease (8%) (58,416)

Total Economic Losses (94,926)

Net Rental Income $635,274

Other Income

Utility Reimbursement/Misc. Fees 12,000

Effective Gross Income $647,274

Total Expenses $305,685

Net Operating Income $341,589

OFFERING SUMMARY

UNIT MIX SUMMARY

INVESTMENT PRO FORMA

EXECUTIVE SUMMARY

www.butlerapartmentgroup.com