POHLIG BOX FACTORY & SUPERIOR WAREHOUSE...Pohlig Box Factory − 1 Bedroom Units 727 $1,016 $391 Superior Warehouse − 1 Bedroom Units 803 $1,130 $277 2 Bedroom Unit Rent Differential

INVESTMENT SALE OFFERING MEMORANDUM

POHLIG BOX FACTORY &SUPERIOR WAREHOUSE

A 93 UNIT MIXED-USE VALUE-ADD PROPERTYLOCATED IN HISTORIC SHOCKOE BOTTOM

RICHMOND, VA

2

POHLIG BOX FACTORY

TABLE OF CONTENTS

Execut ive Summary 4

Loca t ion Over v iew 16

Proper ty Over v iews 30

Apar tment Market Over v iew 42

Rent Comparab le Ana lys is 46

Financ ia l Ana lys is 76

3

OFFER SOLIC ITAT ION PROCESS

OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchasers’ offers including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, (4) a description of the debt/equity structure and (5) qualifications to close. Offers should be delivered to the attention of Carter Wood at [email protected].

PROPERTY VISITATIONProspective purchasers will have the opportunity to visit the Properties via prescheduled property tours. These tours will include access to a representative sampling of units and access to maintenance and other similar facilities. No visitations will be permitted without advance notice and scheduling.

AVAILABLE TOUR DATESTo schedule your tour of the Properties, please contact Ed Garnica at 703.918.4678 or [email protected].

CONTACTS

CARTER [email protected]

WINK EWINGSenior Managing [email protected]

DREW WHITEExecutive Managing [email protected]

MIKE MARSHALLExecutive Managing [email protected]

ED GARNICAFinancial [email protected]

MATTHEW TREUMUNGraphic [email protected]

4

POHLIG BOX FACTORY

5

E X E C U T I V E S U M M A R Y

6 Executive Summary

POHLIG BOX FACTORY

The NKF Mid-Atlantic Multifamily Capital Markets team is pleased to offer for sale Pohlig Box Factory and Superior Warehouse Apartments (the “Properties”) that are located adjacent to each other. The Properties comprises 93 value-add multifamily units as well as 7,697 SF of prime ground level retail space located in Shockoe Bottom, Richmond’s most vibrant and historic river-front commercial district.

The Properties are located in highly walkable areas of the commercial district, falling directly next door to Farm Fresh, a highly popular grocer that happens to be the only Farm Fresh grocer in the Richmond area. The Portfolio presents investors with a compelling opportunity to acquire two boutique multifamily assets that will allow investors to realize operational efficiencies that will pave the way for strong cash flow and long-term value appreciation.

Pohlig Box Factory and Superior Warehouse are centrally located within the Richmond metro area, which has experienced a decade of significant cultural change and has attracted millennials in recent years due to Richmond’s diverse and exceptionally strong job market. Shockoe Bottom is considered one of Richmond’s most eclectic and historic neighborhoods. The neighborhood continues to thrive thanks to the influx of new small businesses to the area, including the Capital One Innovation Center and the many other businesses that are within immediate proximity to the Properties. The Shockoe Bottom neighborhood also offers a lively social scene with several popular bars, brewpubs and dance spots situated along picturesque cobblestone streets.

The Portfolio is being offered on a free and clear basis, allowing investors to take advantage of the currently historically low interest rate environment.

Property Units Unit SF Year Built/ Renovated In-Place Rent Market

Rent/SF

Pohlig Box Factory 65 912 1853/2004 $1,178 $1.29

Superior Warehouse 28 874 1852/2004 $1,241 $1.42

Totals / Averages 93 901 $1,197 $1.33

PORTFOLIO SUMMARY

THE OFFERING

Executive Summary 7

UPSIDE THROUGH REVENUE MANAGEMENT SYSTEM (RMS) Due to the fact current ownership grows rents by less than 1% each year, a new investor would have the opportunity to implement a revenue management system and close the gap between current year-over-year rent growth vs market standard of 3%-4%. This would allow potential investors to gain on average more than 6% net rental income growth while retaining residents and signing new leases.

STRONG VALUE-ADD POTENTIALAn evaluation of the rental competitive set indicates that investors have the opportunity to further penetrate the $280 to $390 per unit rent differential that exists between similar vintage product in the submarket and the Portfolio Properties. The Portfolio presents the opportunity to increase annual income by a factor of approximately $200,000 at a cost of $372,465, which represents a return on cost of 53.4%.

RICHMOND METRO MARKET REMAINS FAVORABLEThe Richmond Metro multifamily market continues to be one of the top performing secondary submarkets on the east coast, with an annual effective rent growth of 3.6% and a 96% occupancy rate so far in 2019, according to Axiometrics. Much of this is accredited to the flood of young professionals who value the “live, work, play” dynamic that Richmond offers.

SOUGHT-AFTER SECONDARY MARKETThe Properties present the opportunity for an investor to gain a substantial foothold in the highly-sought after Richmond MSA, which has a market-wide occupancy of 95.6% exceeding national averages while affording the opportunity to achieve outsized yields relative to comparable markets in the southeast such as Charlotte, Raleigh/Durham and Nashville.

RICHMOND’S COOL VIBEToday, the City of Richmond exudes a very cool vibe that combines being urban in a big city with a small city feel. This blend of culture is what has pulled new tenants to the area and allows the City of Richmond to thrive. While there’s a pronounced Southern culture, the city is cultivating its own mellow buzz, a kind of counterculture that makes it one of the East Coast’s most intriguing places to live in.

WORLD CLASS EMPLOYMENTRichmond’s diverse and strong job market is in the midst of a significant expansion cycle, and features seven highly recognizable Fortune 500 companies located throughout the metro region. Some of the more notable Richmond-based Fortune 500 companies include Altria, Dominion Virginia Power, CarMax, Owens & Minor, WestRock, and MeadWestvaco to name a few.

ICONIC SHOCKOE BOTTOM LOCATIONThe Properties are located in the heart of Richmond’s highly historic and trendy Shockoe Bottom district, providing residents with easy access to the historic neighborhood’s vibrant culture, restaurants and nightlife, and is within walking distance to the James River and the Virginia State Capitol. The Portfolio Properties are considered a walker’s paradise, with an average walk score of 90, which means almost all daily activities can be done by foot.

12

3

4567

INVESTMENT HIGHLIGHTS

8 Executive Summary

POHLIG BOX FACTORY

STRONG VALUE-ADD POTENTIAL

When comparing the rent delta between the comp set and the Properties, average market rents are approximately $280 to $390 more per month than the Properties. The Properties presents the opportunity to enhance value through upgrades of unit interiors to increase annual income by a factor of approximately $200,000 at a cost of $372,465 (or alternatively $4,000 per unit). These large premiums indicate that there is significant room to increase rental revenue with focused upgrades that can potentially include the following:

+ Pohlig Box Factory Potential Upgrades (Light Value-Add) – Installation of new designer lighting, new hardware, under cabinet LED lighting, backsplashes, and updating of flooring in kitchens and bathrooms.

+ Superior Warehouse Potential Upgrades (Moderate Value-Add) – Installation of new hardwood style floors and/or polished concrete floors, stainless steel appliances, granite countertops, designer kitchen cabinets, under cabinet LED lighting, backsplashss, and new hardware. Further, the courtyard amenity space at Superior can be easily expanded to feature gas grills, fire pits and a cabana area.

RENT DIFFERENTIALS1 Bedroom Unit Rent Differential

Comp Set (Avg. Reno Vintage 2007) − 1 Bedroom Units 929 $1,407

Pohlig Box Factory − 1 Bedroom Units 727 $1,016 $391

Superior Warehouse − 1 Bedroom Units 803 $1,130 $277

2 Bedroom Unit Rent Differential

Comp Set (Avg. Reno Vintage 2007) − 2 Bedroom Units 1,204 $1,745

Pohlig Box Factory − 2 Bedroom Units 1,181 $1,449 $296

Superior Warehouse − 2 Bedroom Units 1,001 $1,441 $304

POHLIG BOX FACTORY - LIGHT VALUE ADD UPSIDEType # Units Rent Premium Cost Return on Cost

Studio Units 3 $25 $2,500 12.0%

1 Bedroom Units 41 $150 $2,500 72.0%

2 Bedroom Units 20 $200 $2,500 96.0%

3 Bedroom Units 1 $250 $2,500 120.0%

Subtotal/Avg. 65 $161 $2,500 77.4%

SUPERIOR WAREHOUSE - STRONG VALUE ADD UPSIDE1 Bedroom Units 18 $200 $7,500 32.0%

2 Bedroom Units 10 $250 $7,500 40.0%

Subtotal/Avg. 28 $218 $7,500 34.9%

Total/Avg. 93 $178 $4,005 53.4%

Top-of-the-submarket comp set includes Lucky Street Lofts, The Lofts at Canal Walk, and American Cigar

Executive Summary 9

STRONG VALUE-ADD PROPOSIT ION

SUPERIOR WAREHOUSE - DATED KITCHENS

POHLIG BOX FACTORY - MODERN KITCHENS

10 Executive Summary

POHLIG BOX FACTORY

POHLIG BOX FACTORY

SUPERIOR WAREHOUSE

Executive Summary 11

POHLIG BOX FACTORY

SUPERIOR WAREHOUSE


POHLIG BOX FACTORY

ICONIC SHOCKOE BOTTOM LOCATION

The Properties feature prime locations in the heart of Richmond’s highly historic and trendy Shockoe Bottom district. The Properties provides residents with easy access to the historic neighborhood’s vibrant culture, restaurants and nightlife, and is within walking distance to the James River and the Virginia State Capitol. Excellent accessibility is made via the Northeast Regional line via Main Street Station, while the Downtown Expressway, I-95 and Main Street make driving to the properties a breeze. Main Street Station has been completely renovated and remains to be one of the submarket’s focal points, in addition to the transformation of the 17th Street Market into an open-air pedestrian plaza.

WALKER’S PARADISE LOCATIONS

The Properties are located in the heart of the Richmond metro, and are within close proximity to several of Richmond metro’s most popular and trendy areas that are buzzing with signature southern charm, young energy, and a bustling restaurant and entertainment scene. Downtown Richmond is known for its many craft breweries and vibrant culinary scene as the city has been luring some of the county’s top chefs which has helped catapult the dining scene onto the national stage. Downtown Richmond has many neighborhoods that are best explored on foot thanks to the city’s historic architecture, picturesque tree-lined avenues and varied businesses and shops.

The Properties’ central locations command an average Walk Score of 90.


CoStar Group, the world’s leader in commercial real estate information and analytics, relocated its operations and global research center from Washington, DC to Downtown Richmond in 2016.

WORLD CLASS EMPLOYMENT

Capital One, metro Richmond’s largest private employer with more than 10,000 employees, operates six local Richmond offices, with one campus in Goochland County, additional operations in Henrico and Chesterfield Counties and in downtown Richmond. Capital One currently ranks in second place among the mega-size firms, as one of Richmond’s best places to work, and currently ranks #101 on the Fortune 500 list, and #17 on Fortune’s 100 Best Companies to work for.

Amazon.com’s presence in Richmond is growing, with the online giant currently operating three fulfillment centers in the Richmond area, employing over 3,800 employees. Amazon has plans to open two additional distribution facilities in the near-term that is set to further bolster the company’s presence in the region.

Headquartered in Richmond, Dominion Energy is one of the nation’s largest producers and transporters of energy, and has been recognized as one of Richmond’s Top Workplaces for 2018, ranked as Richmond’s 4th largest employer with 4,615 employees. Dominion Energy’s recent investment of $1 billion in its solar fleet in Virginia and North Carolina has allowed the company to rank among the nation’s top 5 solar and wind energy producers.

The Rolls-Royce Crosspointe facility in nearby Prince George County is a center of excellence for the manufacture of precision-engineered engine components for some of the most advanced aircraft in the world. Located on 1,000 acres of land, the Rolls-Royce facility opened in 2011 and is the first Roll-Royce manufacturing facility built from the ground up in the U.S. The facility employs 300 people.

In 2008, Altria invested in downtown Richmond by opening a $350 million research and technology center in the Virginia Biotechnology Research Park. Altria Group, Inc. currently employs approximately 4,344 employees in the Richmond area, and ranks #154 on the Fortune 500 list. Altria’s economic impact remains substantial, with its manufacturing center in South Richmond to generate about $28 million in federal excise taxes, a total of about $6.4 billion in 2017. other companies sprouted in the Richmond area in part because of the tobacco company’s presence.

In October 2017, Facebook announced plans to invest $1 billion with the development of a 975,000 square foot state-of-the-art data center facility located at White Oak Technology Park in Henrico County. Richmond’s information technology center is booming, with over $12 billion in capital investment over the past decade.

“”

We are thrilled to be in Richmond, and we look forward to being an engaged corporate citizen. This will be our single-biggest operations and global research center.

Andrew C. Florance, Founder and CEO, CoStar

Richmond MetroHome to seven Fortune 500 companies, the Richmond metro ranks at the top among the nation’s mid-sized cities. The Richmond metro’s strong corporate presence is indicative of why Richmond has more Fortune 500 companies than San Diego, Philadelphia, San Antonio and Phoenix, all of which have significantly greater city populations.


POHLIG BOX FACTORY

Today, the city of Richmond exudes a very cool vibe combining being urban in a big city with a small city feel. This blend of culture is what has pulled new tenants to the area and allows the city of Richmond to thrive.

+ A Culinary Hot Spot – The dining scene has catapulted onto the national stage, luring some of the country’s top chefs. The Richmond metro featured the most semifinalists for the 2018 James Beard Foundation Award, including restaurants such as Sub Rosa and Brenner Pass--the most honorees the area has had for the nation’s top culinary awards.

+ A Thriving Arts Scene – Richmond is also known for its progressive and thriving arts scene. Virginia Commonwealth University’s School of the Arts ranked No. 1 in the nation in 2012 among public art schools by U.S. News & World Report.

+ Southern Historical Charm – The city of Richmond has a decidedly southern charm, with its stately Colonial Revival architecture and the various historic sites bearing witness to the Civil War and the Civil Rights Movement.

+ Cool New Vibe with a Southern Culture – The combination of Richmond’s southern vogue culture, historical charm, and explosive millennial population growth, has allowed the area to consistently land on US News & World Report’s list of the Best Places to Live. Tourists who are drawn to the area have an abundance of lodging, including the Quirk Hotel, which was named one of the South’s best hotels for the 2018 by Southern Living Magazine.

RICHMOND’S COOL VIBE

Brenner Pass

The Quirk Hotel

Sub Rosa

2018 James Beard Foundation AwardSemifinalists

Outstanding Baker − Sub Rosa BakeryOutstanding Wine/Beer/Spirits − Mekong

Best Chef Mid-Atlantic − Brenner Pass


THE ICONIC RICHBRAU BREWING IN SHOCKOE BOTTOM

16

POHLIG BOX FACTORY

17

L O C AT I O NO V E R V I E W

18 Location Overview

POHLIG BOX FACTORY

RICHMOND MSA

Richmond, located in central Virginia, is approximately 100 miles south of Washington, D.C. The greater Richmond MSA is home to nearly 1.3 million residents and is one of the strongest secondary real estate markets in the country. More recently, it has established itself as a leader in a number of other industry sectors, including medical, biotechnology, manufacturing and transportation.

POPULATION GROWTHThe population of the Richmond Metro Area has increased approximately 39.0% since 2000 to 1,271,330 today, representing strong average annual population growth of 2.3%. The population is projected to continue to grow to 1,328,690 by 2020. In addition, between the end of 2017 and 2020, the Richmond Metro Area is expected to add 44,000 new jobs, marking 6.6% employment growth.

RICHMOND IS #9 IN PROJECTED ABSOLUTE POPULATION GROWTH

FROM 2013-2030 FOR ALL NATIONAL MSA’S.

Location Overview 19


POHLIG BOX FACTORY

THE C ITY OF R ICHMOND

The City of Richmond is the capital of Virginia and offers complete livability and a wealth of amenities not often found in other East Coast municipalities. It is located in central Virginia and occupies 62.5 square miles. Richmond is home to over 223,000 people, an 8.7% increase over its 2010 population of 204,243. The population is expected to grow an additional 1.3% each year between 2018 and 2021.

The city is recognized for its vitality, alongside its educational heritage and flourishing cultural community. It is consistently identified by several national publications, such as U.S. News and Livability, as being among the “Best Places to Live and Work in America.” Richmond employs 165,645 people and has seen consistent employment growth of about 2.2% annually since 2006. The city’s recent strong employment growth is in part due to its diverse employment base, which ranges from chemical and tobacco manufacturing to biotechnology.

Richmond also provides an abundance of recreational and entertainment options to its residents. It is the site of countless restaurants and entertainment attractions, as well as numerous historic landmarks and the nation’s largest river park system. The Virginia Capital Trail located along the banks of the James River on the west side of Richmond, offers 52-miles of shared-use trails that highlight the rich historic, cultural and environmental assets along the Route 5 Virginia Byway. The trail features interpretive sites with information kiosks and bicycling and pedestrian amenities to accommodate users of all ages and abilities.

GENWORTH FINANCIAL

ALTRIA

BON SECOURS VIRGINIA HEALTH SYSTEM

VIRGINIA BIOTECHNOLOGY PARK

DOMINION ENERGY

BANK OF AMERICA

VCU

NEW MARKET

WELLS FARGO

BB&T

COSTAR

RICHMOND TIMES-DISPATCH

ANTHEM

PROXIOS

ODELL

HOURIGAN CONSTRUCTION

HUNTON & WILLIAMS

LECLAIRRYAN

MCGUIREWOODS

WILLIAMS MULLEN

VCU HEALTH SYSTEM

VIRGINIA STATE CAPITOL

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

CIT

Y

OF

RIC

HM

ON

D

NO

TAB

LE E

MP

LOY

ER

S



POHLIG BOX FACTORY

SHOCKOE BOTTOM

Located just east of Shockoe Slip and the Business District, along the picturesque James River, the trendy Shockoe Bottom District is one of the City of Richmond’s oldest neighborhoods that has experienced a major boom in residential growth since the mid-1990s. Historically, the district was the site of key tobacco industry structures such as old tobacco warehouses and Federal Customs Houses that have since been converted to loft style apartments, breweries, trendy restaurants, and shops that cater to Richmond’s fast growing millennial segment. The City’s installation of the Pulse bus rapid transit line along Main Street, and the long-planned transformation of the 17th Street Farmers’ Market into an open-air pedestrian plaza with café-style seating, continues to provide momentum to the District’s emergence as one of Richmond’s hippest neighborhoods.

MAIN STREET STATION


SHOCKOE SL IP

Tucked between the Central Business District and Shockoe Bottom, Shockoe Slip is a vibrant Richmond neighborhood that has become famous for its electic restaurant scene and history.The name “slip” refers to a narrow passageway of land from the James River to Main Street where the former Kanawha Canal existed, and was necessary to load and unload goods from the large ships in the Canal. Beginning in the 1960s, Shockoe Slip was redeveloped as a district catering to upscale living and entertainment. Today, the district features historic buildings and cobblestoned streets, all set against beautiful Italianate architecture. The area is home to legendary brewpubs, and an exciting restaurant and nightlife scene. The Slip, due to its location adjacent to Downtown, has experienced a consistent growth pattern beginning with its reemergence in the late 1970’s, and the Slip’s retailers are some of the longest running in the City. The Slip is also steps to the Canal Walk and a short walk to Brown’s Island for the summer concert series, kayaking, paddle boarding, swimming and more.

CHURCH H ILL

Church Hill, also known as St. John’s Church Historic District, is one of Richmond’s oldest neighborhoods that overlooks Shockoe Bottom and Downtown. As Richmond’s first historic district, and as one of the most buzzed about neighborhoods in Richmond today, the neighborhood is filled with Richmond’s oldest history. From the red brick sidewalks and gas street lamps, to the classical architectural that includes the Greek Revival, Italianate, Federal and Queen Anne styles, Church Hill offers a variety culture and history to the Richmond metro.The 20 historic churches within its 2-mile radius gives it the iconic name it bears today, and many of which have been converted into residential and commercial spaces.

In recent years, Church Hill has become known for its incredible culinary and restaurant scene, many of which have won national recognition and as noted by USA Today in its list of the 10 Best Up- and- Coming Neighborhoods Around the USA. This community also hosts several big events each year, including a Holiday House Tour and Hogtober, a BBQ festival.

THE ICONIC TABACCO COMPANY RESTAURANT


POHLIG BOX FACTORY

CENTRAL BUSINESS D ISTRICT

Stretching across the few blocks that sit next to the James River between both ends of Broad Street, the central business district of Richmond is the bustling heart of the city where government, business, the arts and education all merge together. This diverse area includes not only the skyscrapers of the main business and financial district, but also Monroe Ward, Shockoe Bottom, and the cobblestoned charm of Shockoe Slip. There is a large government presence in the area, with various state executive, legislative offices, state and federal courts, and City Hall. Nearby, the Library of Virginia offers an unparalleled collection of both print and digital resources on Virginia history and culture. further to the west is the Greater Richmond Convention Center, where hundreds of meetings are hosted every year and brings a range of associations and groups to the city.

With its confluence of institutions of higher education, downtown offers a unique environment with a plethora of opportunities for collaborative learning. University of Richmond Downtown provides students interested in urban studies, civic engagement, social services, law and arts education the chance to engage with the Greater Richmond community in the classroom.

+ VCU Health System - Since the VCU Health System and Children’s Hospital of Richmond joined in 2010 to form Children’s Hospital of Richmond, new plans have been recently announced that will bring a new state-of-the-art inpatient children’s facility that will be adjacent to the outpatient Children’s Pavilion on the VCU Medical Center campus. The project will complete the Children’s Pavilion as a comprehensive, integrated health care facility exclusively for children’s inpatient and outpatient care. The facility is expected to cost more than $350 million and will include 86 licensed beds plus six observation beds relocated from the Main Hospital, with the capacity to increase to about 125 beds in the future. The project is part of a strategic commitment by the VCU Health System and Children’s Hospital of Richmond to be ranked in the top 20 children’s hospitals in the United States by 2022.

+ The 1717 Innovation Center - The 1717 Innovation Center, a new business incubator in Richmond’s Shockoe Bottom, recently opened in 2018 and serves as a hub for resources to support entrepreneurs in the Richmond metro. Backers of the 1717 Innovation Center include financials services giant Capital One Financial Corporation, which has invested in the incubator as part of its Future Edge initiative, a five-year, $150 million grant program aimed at supporting entrepreneurs, workforce training and financial education in the communities where the company has operations. The Innovation Center serves as an incubator for as many as 50 startup businesses at a time, providing office space along with mentoring, leadership programs, community events and conferences.

+ Downtown Arts District - The arts have a large presence downtown, particularly after the 2012 creation of the Downtown Arts District, encompassing almost 80 blocks of concert venues, art galleries, and performance spaces between Belvidere and 12th Streets.

VCU HEALTH CAMPUS


MANCHESTER

+ Located on the south bank fall line of the James River, just across from downtown’s central business district, is the town of Manchester.Manchester was originally an independent city and major seaport until 1920 when it was consolidated into the city of Richmond. Currently experiencing a revitalization and conversion of old warehouses and factories into apartments, office and retail space, Manchester and its main thoroughfare, Hull Street, is becoming a hot spot for new development.

+ The City recently developed and unveiled its community-led Richmond Riverfront Plan, that places targeted efforts to enhancing access to the riverfront, particularly the south side in Manchester.

+ Manchester is going through an unprecedented growth of residential and mixed-use development, where hundreds of new residential units have been built in the last ten years, attracting a diverse group of new residents that are attracted to adaptively-reused warehouses, proximity to downtown and the edgy, creative neighborhood.

+ Manchester whas become a hotspot for Breweries and Restaurants. Notable breweries along the riverfront include Legend’s Brewery, Dogtown Brewing Company, the Climax Beverage Company, and the soon-to-be-open Manastoh Brewing. New dining options include Plant Zero Cafe, Brewer’s Cafe, La Vera, and Camden’s Dogtown Market.

+ The area has also become the headquarters location for several Fortune 500 and start-up companies. UPS Freight, SunTrust, CRT Tanaka and Tumblr are just some of the big name companies that chose Manchester as their HQ location. This area’s urban appeal attracts creative firms in the architecture, information technology and graphic design fields, as well as specialized advanced manufacturing companies.

+ Virginia Commonwealth University - Virginia Commonwealth University has a huge footprint in the area, with an urban campus that comprises a student population of more than 31,000. The VCU Medical School, formerly the Medical College of Virginia, also dominates the area surrounding the unique pocket of federal architecture known as Court End, and is the #1 ranked medical center in the Richmond metro with the only Level I trauma center in central Virginia. Together, VCU and VCU Medical Center are the City of Richmond’s largest employer with approximately 23,000 employees.

+ VCU Health System - Since the VCU Health System and Children’s Hospital of Richmond joined in 2010 to form Children’s Hospital of Richmond, new plans have been recently announced that will bring a new state-of-the-art inpatient children’s facility that will be adjacent to the outpatient Children’s Pavilion on the VCU Medical Center campus. The project will complete the Children’s Pavilion as a comprehensive, integrated health care facility exclusively for children’s inpatient and outpatient care. The facility is expected to cost more than $350 million and will include 86 licensed beds plus six observation beds relocated from the Main Hospital, with the capacity to increase to about 125 beds in the future. The project is part of a strategic commitment by the VCU Health System and Children’s Hospital of Richmond to be ranked in the top 20 children’s hospitals in the United States by 2022.

+ The VA Bio+Tech Park - The VA Bio+Tech Park is a vibrant and dynamic life sciences and emerging technologies community located adjacent to the VCU Medical Center on a 34-acre campus in downtown Richmond. Home to nearly 70 companies, research institutes, and state/federal laboratories, the Park is adjacent to the medical campus of VCU, a “Top 100” life sciences research center. It is estimated that the park employs approximately 2,400 researchers, scientists, engineers and support personnel. Major member organizations in the park include the VCU Innovation Gateway, the Altria Center for Research and Technology, United Network for Organ Sharing, True Health Diagnostics and the Virginia Division of Consolidated Laboratory Services.

+ James River Park System - Richmond wouldn’t be known as the River City without the James River, which flows around and through downtown, defining its boundaries and giving the city so much of its unique flavor. With its Class IV kayaking rapids and the many hiking and biking trails that line its banks, the river is the hub for much of Richmond’s outdoor recreation. The Canal Walk, which stretches over a mile along the James and the Kanawha and Haxall canals, provides an oasis of calm only a block from downtown, as well as beautiful views of both the water and the city skyline. Closer to campus lies Pony Pasture Park, which offers canoeing, kayaking, jogging, swimming, and fishing, as well as a site for student research.


POHLIG BOX FACTORY

Church Hill

ShockoeBottom

ShockoeSlip

Riverfront

Central BusinessDistrict

Manchester

POHLIG BOX FACTORY&

SUPERIOR WAREHOUSE APARTMENTS


NEIGHBORHOOD ATTRACTIONS

SHOCKOE BOTTOM SHOCKOE SLIP

The Edgar Allen Poe Museum

Virginia Holocast Museuem

La Bamba

Havana 59 Downtown

Bottoms up Pizza

Grace Noodle

Nota Bene Restaurant & Bar

Southern Kitchen

Honey Whyte’s All American Cafe

Tio Pablo

LuLu’s

Addis

Bookbinder’s Seafood & Steakhouse

Farm Fresh

Main Street Station

The Canal Club

Sumo Sam

Poe’s Pub

CVS

Libby Hill Park

Great Shiplock Park

Virginia Capital Trail

Richmond Trailhead

Ironclad Coffee Roasters

Margarita’s Cantina

Ponies & Pints

Adam Craig House

17th St. Farmers Market

Sine Irish Pub

Courtyard by Marriott Richmond

Southern Railway Taphouse

Cha Cha’s Southwest Kitchen & Bar

Buffalo Wild Wings

Vistas on The James

James River Park Pipeline Walkway

Pipeline Overlook

The Hard Shell

Ten Thousand Villages

Bistro Bobette

Mijas Cantina

Sam Miller’s

Kobe Japanese Steaks and Sushi

Urban Farmhouse Market & Cafe

Shockoe Espresso & Roastery

Bistro Bobette

Canal Walk

28

POHLIG BOX FACTORY

29

P R O P E R T Y O V E R V I E W S

30 Property Overview

POHLIG BOX FACTORY


Property Overview 31

P O H L I G B O X FA C T O R Y



POHLIG BOX FACTORY

PROPERTY OVERVIEW – POHLIG BOX FACTORY

C O N S O L I D A T E D U N I T M I X

UNIT DESCRIPTION # OF UNITS % TYPE UNIT SF IN-PLACE RENTIN-PLACE RENT/SF

Studio 3 4.3% 611 $943 $1.54

1BR/1BA 41 58.6% 727 $1,016 $1.40

2BR/1BA 3 4.3% 844 $1,215 $1.44

2BR/2BA 13 18.6% 1,074 $1,366 $1.27

2BR/2.5BA 3 4.3% 1,598 $1,615 $1.01

2BR/2.5BA Penthouse 1 1.4% 2,338 $2,725 $1.17

4BR/2.5BA Penthouse 1 1.4% 4,043 $3,100 $0.77

Commercial Space 5 7.1% 1,539 $1,525 $0.99

TOTALS/AVERAGES 70 100.0% 957 $1,203 $1.26

U T I L I T I E S

UTILITYPOWER SOURCE

PAID BY SERVICER

Heating Electric Resident Dominion VA Power

A/C Electric Resident Dominion VA Power

Natural Gas (PH unit only)

Gas Resident City of Richmond

Water/Sewer/Trash

N/A Resident City of Richmond

Telephone N/A Resident Cavalier Telephone

Cable/ Internet

N/A Resident

P E R S O N A L O V E R V I E WPOSITION STATUS SALARY

Property Manager 1 Full-time $51,000

Maintenance Supervisor 1 Full-time $36,700

Housekeeper1 Part-time ($13/hour, 15 to 20 hour average

work week)$14,500

Groundskeeper1 Part-time ($13/hour, 15 to 20 hour average

work week)$7,800

Studio

1 BR

2 BR

3 BR

Commercial Spaces

TOTALS/AVERAGES

Total # of Units 65 Average Unit Size 957 Net Rentable SF 67,004 Market Average Rent/Month $1,203 Gross Potential Monthly Rent $84,183 Gross Potential Yearly Rent $1,010,196

*Property utilizes a Conservice bill back system for water and sewer service


P R O P E R T Y C H A R A C T E R I S T I C S - P O H L I G B O X F A C T O R YYear Built 1853 and 1972, with major interior renovation to the current apartment and retail configuration in 2004

Building Style 4-story mid-rise building

Exterior and Interior StairsThe interior stairs are constructed of steel and have open risers and wood treads. The handrails and balusters are

constructed of metals

ExteriorExterior walls are finished with brick masonry. Portions of the exterior brick walls are accented with historic paint-

ed signage, with some of the exterior walls clad with copper siding.

Structure/FramingThe building’s superstructure consists of concrete masonry unit exterior and interior bearing walls supporting the

upper floor and roof diaphragms. Support columns are wood timbers or cast in place reinforced concrete.

FoundationReinforced concrete slabs-on-grade with integral perimeter footings, interior footings and column pad footings

bearing directly on the soil.

RoofRoofs are of mixed types, with some being classified as pitched, or gabled, roofs and other areas being classified as low slope, or flat, roofs. The roofs that are classified as low slope roofs are finished with a single-ply, elastomeric,

roofing membrane.

Windows

The windows along the north and east elevations are historic wood-framed, single-glazed, double-hung windows. Windows along the south elevation are a mix of aluminum-framed, double-glazed, awning units and factory type steel framed single-glazed, tilt out units. Windows along the west elevation are steel framed, single glazed fixed

pane units. Windows facing the interior courtyard are new aluminum-framed, double-glazed, single-hung units and have exterior screens.

Balcony Doors

The retail and office unit entrance doors are full glazed, aluminum-framed doors set in metal frames. Two of the tenant unit entrance doors are pained, wood doors set in wood frames. The apartment unit entrance doors are

stained, solid-core wood doors set in metal frames. Entrance doors to the apartments contain cylindrical locksets with lever handle hardware, keyed deadbolts, spy-eyes and door knockers.

BalconiesSome upper level apartment units have a concrete balcony. The balcony decks are topped with patio pavers. The

balconies have concrete and painted metal guardrails.

Common AreasThe lobby contains mailboxes and a seating area. Elevators, corridors, and stairways are accessed directly from

the lobby. The lobby has exposed concrete floors and painted, drywall-finished walls and ceilings.

Entrances & Corridors

Apartment unit entrances are accessed from corridors beyond the lobby and from corridors on each floor. The corridors have exposed concrete floors and painted, drywall-finished walls and suspending ceilings with acoustical

ceiling tiles.

HVACHVAC are provided by split system air conditioners with electric heat. The furnace units are located in mechanical

closets. In the larger retail spaces, the furnaces are located in the occupied space, and the AC condensing units are mounted on the roof.

Water Heater Each apartment unit has a 50-gallon, electric water heater.

Electrical & Conveying Systems

There are a total of two hydraulic passenger elevators, with a rated capacity of 2,500 pounds in each elevator. Each elevator cab has ceramic tile floors, plastic-laminated wood wall panels, and recessed ceiling light fixtures.

Electrical

The electrical supply lines run underground to pad-mounted transformers feeding interior mounted electrical me-ters. The main electrical service size to the building is 4,000-amp, 120/208 volt, three phase, four wire, alternating

current. The electrical wiring is copper, installed in metallic conduit. Circuit breaker panels are located in each tenant space. The electrical service to each apartment unit ranges from a minimum of 150 amps.

PlumbingThe plumbing systems include the incoming water service, the cold water piping system, and the sanitary sewer

and vent system. The risers and the horizontal distribution piping are CPVC. Pressure is maintained to the domes-tic water system by a duplex pumping system located adjacent to the fire sprinkler risers.

Fire and SafetyThe fire protection system consists of a wet-pipe and a dry-pipe sprinkler system. The building also features a

natural gas-powered, 37.5 kVA, emergency generator is located in the parking garage, to provide back-up power for elements of the fire and life safety systems.

Parking Area53 parking stalls, of which 18 are located in a garage. The garage parking is associated with the apartment units and provides a parking ratio of 0.28 spaces per apartment unit. The open lot parking is associated with the retail

units and provides a parking ratio of 3.70 spaces per thousand square feet of floor area.

Laundry All of the apartment units are equipped with washers and dryers.

SchoolsBellevue Elementary

Martin Luther King, Jr. MiddleArmstrong High


POHLIG BOX FACTORY

+ SECURED ACCESS BUILDING

+ ELEVATOR LOBBY

+ COFFEE BAR IN LOBBY

+ STATE-OF-THE-ART FITNESS CENTER

+ LAVISH COURTYARD AREA

+ GARAGE PARKING

+ 24-HOUR BUILDING MAINTENANCE

+ COMPLIMENTARY CONCIERGE SERVICE

+ LOCATED NEXT DOOR TO FARM FRESH

POHLIG BOX FACTORY COMMUNITY AMENIT IES LOBBY

COURTYARD


+ LUXURIOUS OPEN CONCEPT LAYOUTS

+ 65 UNIQUE FLOORPLANS

+ SPECTACULAR CITY VIEWS

+ HIGH CEILINGS

+ EXPOSED BRICK ACCENT WALLS, BEAMS AND DUCTWORK

+ ORIGINAL HARDWOOD FLOORS IN LIVING AREAS AND BEDROOMS*

+ FULLY APPLIANCED SPACIOUS KITCHENS WITH GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES

+ STAINED POLISHED CONCRETE FLOORS AND/OR BERBER CARPETING

+ CUSTOM TRACT LIGHTING

+ CEILING FANS

+ IN UNIT FULL-SIZE WASHER AND DRYERS

POHLIG BOX FACTORY UNIT FEATURES

LEASING OFFICE


POHLIG BOX FACTORY


S U P E R I O R W A R E H O U S E A PA R T M E N T S


POHLIG BOX FACTORY

PROPERTY OVERVIEW – SUPERIOR WAREHOUSE APARTMENTS

1 BED

2 BED

TOTALS/AVERAGES

Total # of Units 28 Average Unit Size 874 Net Rentable SF 24,469 Market Average Rent/Month $1,241 Gross Potential Monthly Rent $34,745 Gross Potential Yearly Rent $416,940

C O N S O L I D A T E D U N I T M I X

UNIT DESCRIPTION # OF UNITS % TYPE UNIT SF IN-PLACE RENTIN-PLACE RENT/SF

1BR/1BA 18 64.3% 803 $1,130 $1.41

2BR/1BA 5 17.9% 919 $1,382 $1.50

2BR/2BA 5 17.9% 1,084 $1,499 $1.38

TOTALS/AVERAGES 28 100.0% 874 $1,241 $1.42

U T I L I T I E S

UTILITYPOWER SOURCE

PAID BY SERVICER

Heating Electric Landlord Dominion VA Power

A/C Electric Landlord Dominion VA Power

Natural Gas (PH unit only)

Gas Landlord City of Richmond

Water/Sewer/Trash

N/A Landlord City of Richmond

Telephone N/A Landlord Cavalier Telephone

Cable/ Internet

N/A Landlord

P E R S O N A L O V E R V I E WPOSITION STATUS SALARY



Housekeeper1 Part-time ($13/hour, 15 to 20 hour average

work week)$14,500

Groundskeeper1 Part-time ($13/hour, 15 to 20 hour average

work week)$7,800

*All utilities are included in the monthly rent

*Payroll is allocated between Pohlig Box Factory and Superior Warehouse.


P R O P E R T Y C H A R A C T E R I S T I C S - S U P E R I O R W A R E H O U S EYear Built 1852, with major interior renovation in 2001

Building Style 5-story mid-rise building

Exterior and Interior StairsThe interior stairs are constructed of steel and have open risers and wood treads. The handrails and balusters are

constructed of metals

ExteriorExterior walls are finished with brick masonry. Portions of the exterior brick walls are accented with historic

painted signage.

Structure/FramingThe building’s superstructure consists of concrete masonry unit exterior and interior bearing walls supporting the

upper floors. Support columns are wood timbers or cast in place reinforced concrete.

FoundationReinforced concrete slabs-on-grade with integral perimeter footings, interior footings and column pad footings

bearing directly on the soil.

RoofRoofs are of mixed types, with some being classified as pitched, or gabled, roofs and other areas being classified as low slope, or flat, roofs. The roofs that are classified as low slope roofs are finished with a single-ply, elastomeric,

roofing membrane.

Windows Windows are aluminum-framed, double-glazed, single-hung units and have exterior screens.

Doors The apartment unit entrance doors are stained, solid-core wood doors set in metal frames. Entrance doors to the apartments contain cylindrical locksets with lever handle hardware, keyed deadbolts, spy-eyes and door knockers.

Balcony Doors None of the units contain balconies.

Balconies N/A

Common AreasThe lobby contains mailboxes and a seating area. Elevator, corridors, and stairways are accessed directly from the

lobby. The lobby has carpeted flooring and painted, drywall-finished walls and ceilings.

Entrances & Corridors

Apartment unit entrances are accessed from corridors beyond the lobby and from corridors on each floor. The corridors have exposed concrete floors and painted, drywall-finished walls and suspending ceilings with acoustical

ceiling tiles.

HVAC Geo-thermal with boiler/chiller system

Water Heater Each apartment unit has a 50-gallon, electric water heater.

Electrical & Conveying Systems

There is only one hydraulic passenger elevator, with a rated capacity of 2,500 pounds. The elevator cab has ce-ramic tile floors, plastic-laminated wood wall panels, and recessed ceiling light fixtures.

Electrical

The electrical supply lines run underground to pad-mounted transformers feeding interior mounted electrical me-ters. The main electrical service size to the building is 4,000-amp, 120/208 volt, three phase, four wire, alternating current. The electrical wiring is copper, installed in metallic conduit. The electrical service to each apartment unit

ranges from a minimum of 150 amps.

PlumbingThe plumbing systems include the incoming water service, the cold water piping system, and the sanitary sewer

and vent system. The risers and the horizontal distribution piping are CPVC.

Fire and Safety The Property has a wired fire alarm system that is monitored by Richmond Alarm.

Parking Area 12 parking stalls located in the surface lot located at the rear of the Property.

Laundry All of the apartment units are equipped with washers and dryers

SchoolsBellevue Elementary

Martin Luther King, Jr. MiddleArmstrong High


POHLIG BOX FACTORY

+ SECURED ACCESS BUILDING

+ ELEVATOR LOBBY

+ OFF-STREET PARKING AVAILABLE

+ 24-HOUR BUILDING MAINTENANCE

+ COMPLIMENTARY CONCIERGE SERVICE

+ LOCATED NEXT DOOR TO FARM FRESH

SUPERIOR WAREHOUSE APARTMENTS COMMUNITY AMENIT IES

LOBBY

COURTYARD


+ LUXURIOUS OPEN CONCEPT LAYOUTS

+ SPECTACULAR CITY VIEWS

+ HIGH CEILINGS

+ FULLY APPLIANCED SPACIOUS KITCHENS WITH LAMINATE COUNTERTOPS AND WHITE-ON-WHITE APPLIANCES

+ CERAMIC TILE KITCHEN FLOORS

+ EXPOSED BRICK ACCENT WALLS, BEAMS AND DUCTWORK

+ HARDWOOD FLOORING IN ENTRY FOYERS

+ BERBER CARPETING AND/OR LAMINATE FLOORING IN LIVING AREAS AND BEDROOMS

+ CUSTOM TRACT LIGHTING

+ CEILING FANS

+ IN UNIT HIGH EFFICIENCY LG WASHER AND DRYER COMBO UNITS

SUPERIOR WAREHOUSE APARTMENTSUNIT FEATURESLOBBY

42

POHLIG BOX FACTORY

43

A PA R T M E N T M A R K E TO V E R V I E W

44 Apartment Market Overview

POHLIG BOX FACTORY

RICHMOND METRO MULTIFAMILY MARKET

+ Effective Rent Growth – Annual effective rent growth is projected to grow by 3.6% in 2019, and is projected to average 2.5% per year from 2019 to 2023.

+ Occupancy – Occupancies in the Richmond multifamily market are strong, with an average occupancy rate of 95.6%, and this is projected to remain above 95% throughout 2023.

+ Supply Pipeline – Overall market deliveries increased from 1,667 units in 2018 to a projected 2,487 units in 2019. The total number of expected deliveries is projected to average 1,625 new units per year through 2023.

VARIABLE 2017 2018 2019F 2020F 2021F 2022F 2023F5 YEAR

FORECAST AVERAGE 2019-2023

Annual Avg Effective Rent Growth

4.0% 4.0% 3.6% 2.2% 1.5% 2.6% 2.7% 2.5%

Occupancy (Qtrly Average) 95.5% 96.0% 95.6% 95.1% 95.2% 95.3% 95.3% 95.3%

New Supply 1,283 1,667 2,487 1,716 1,381 1,256 1,287 1,625

Demand 2,374 1,871 1,546 1,420 1,637 1,197 1,227 1,405

Inventory Growth 1.3% 1.6% 2.4% 1.6% 1.3% 1.2% 1.2% 1.5%

Richmond Metro Multifamily Market Fundamental Trends

Source: Axiometrics, 1Q19

Apartment Market Overview 45

+ Effective Rent Growth – Annual effective rent growth is projected to grow by 3.3% in 2019, and is projected to average 2.1% annually from 2019 to 2023.

+ Occupancy – Occupancies in the East Richmond multifamily submarket are strong, with an average occupancy rate of 94.2%, and is projected to remain consistent throughout 2023.

+ Limited Supply Pipeline – The East Richmond multifamily submarket is expected to experience limited deliveries between 2019 and 2022, projected to average 326 units per year.

EAST RICHMOND MULTIFAMILY SUBMARKET

East Richmond Multifamily Submarket Fundamental Trends

Source: Axiometrics, 1Q19

VARIABLE 2017 2018 2019F 2020F 2021F 2022F 2023F5 YEAR

FORECAST AVERAGE 2019-2023

Annual Avg Effective Rent Growth

3.6% 3.5% 3.3% 1.9% 1.0% 1.9% 2.3% 2.1%

Occupancy (Qtrly Average) 94.3% 94.4% 94.2% 93.9% 94.0% 94.1% 94.1% 94.1%

New Supply 104 580 723 258 242 200 207 326

Demand -52 750 449 241 274 187 194 269

Inventory Growth 0.6% 3.3% 4.0% 1.3% 1.2% 1.0% 1.0% 1.7%

46

POHLIG BOX FACTORY

47

R E N T C O M PA R A B L EA N A LY S I S

48 Rent Comparable Analysis

POHLIG BOX FACTORY

Cobblestone CommonsThe Lofts at Shockoe Slip

Shockoe Center

Pohlig Box Factory

Superior Warehouse

Bobber Flats

Terrace 202Raven Place

American Tobacco CenterGarber Gables

Fording Flats

American Cigar

Consolidated CarolinaCameron Kinney

The Lofts at Shiplock Watch

Main 2323Lucky Strike Lofts

Old Stone RowThe Lofts at Canal Walk

Rent Comparable Analysis 49

RENT RANKINGS − ONE BEDROOM UNITSPROPERTY YEAR BUILT/RENO. # OF UNITS AVERAGE SF MARKET RENT MARKET RENT/SF

Lucky Strike Lofts (1BD/1.5BA) 1955/2008 5 957 $1,434 $1.50

The Lofts at Canal Walk 1917/2012 67 901 $1,418 $1.57

Lucky Strike Lofts (1BD/1BA) 1955/2008 67 858 $1,388 $1.62

American Cigar (1BD/1.5BA) 1914/2000 7 1,000 $1,387 $1.39

Consolidated Carolina 1926 133 923 $1,332 $1.44

Shockoe Center (1BD/1BA) 1853/2001 29 716 $1,308 $1.83

Main 2323 (1BD/1.5BA) 1917/2016 4 672 $1,272 $1.89

The Lofts at Shiplock Watch (1BD/1.5BA) 1840/2013 2 765 $1,209 $1.58

Fording Flats 1928 58 657 $1,202 $1.83

Terrace 202 2013 40 586 $1,198 $2.04

The Lofts at Shipock Watch (1BD/1BA) 1840/2013 30 627 $1,171 $1.87

Garber Gables 1940/2018 30 678 $1,150 $1.70

Cameron Kinney 1884/1991 170 876 $1,149 $1.31

Superior Warehouse 1852/2004 18 803 $1,130 $1.41

American Cigar (1BD/1BA) 1914/2000 110 842 $1,110 $1.32

Main 2323 (1BD/1BA) 1917/2016 39 1,195 $1,076 $0.90

Old Stone Row 2011 56 590 $1,063 $1.80

Raven Place 1910/2008 60 716 $1,024 $1.43

Pohlig Box Factory 1853/2004 41 727 $1,016 $1.40

Bobber Flats 1900/2010 31 576 $1,006 $1.75

American Tobacco Center 2005 64 719 $986 $1.37

AVERAGE 801 $1,179 $1.47

RENT RANKINGS − STUDIO UNITSPROPERTY YEAR BUILT/RENO. # OF UNITS AVERAGE SF MARKET RENT MARKET RENT/SF

Main 2323 1917/2016 18 550 $970 $1.76

The Lofts at Canal Walk 1917/2012 66 497 $950 $1.91

The Tracks at Shockoe Crossing 1853/2004 3 611 $943 $1,54

AVERAGE 512 $954 $1.86


POHLIG BOX FACTORY

RENT RANKINGS − FOUR BEDROOM UNITSPROPERTY YEAR BUILT/RENO. # OF UNITS AVERAGE SF MARKET RENT MARKET RENT/SF

Pohlig Box Factory (4BR/2.5BA) 1853/2004 1 4,043 $3,100 $0.77

AVERAGE 4,043 $3,100 $0.77

RENT RANKINGS − TWO BEDROOM UNITSPROPERTY YEAR BUILT/RENO. # OF UNITS AVERAGE SF MARKET RENT MARKET RENT/SF

Pohlig Box Factory (2BR/2.5BA PH) 1853/2004 1 2,338 $2,725 $1.17

Lucky Strike Lofts 1955/2008 59 1,277 $1,829 $1.43

Shockoe Center (2BD/2.5BA) 1853/2001 1 1,256 $1,800 $1.43

Cameron Kinney (2BD/2BA) 1884/1991 50 1,321 $1,777 $1.35

The Lofts at Canal Walk 1917/2012 67 1,005 $1,731 $1.72

American Cigar (2BD/2BA) 1914/2000 42 1,331 $1,674 $1.26

The Lofts at Shiplock Watch (2BD/2BA) 1840/2013 17 980 $1,672 $1.71

Garber Gables 1940/2018 25 985 $1,628 $1.65

Pohlig Box Factory (2BR/2.5BA) 1853/2004 3 1,598 $1,615 $1.01

Fording Flats 1928 20 988 $1,609 $1.63

Old Stone Row 2011 40 915 $1,586 $1.73

Consolidated Carolina 1926 33 1,092 $1,585 $1.45

American Tobacco Center 2005 87 1,100 $1,563 $1.32

Shockoe Center (2BD/1BA) 1853/2001 2 967 $1,560 $1.61

Terrace 202 2013 14 899 $1,555 $1.73

The Lofts at Shipock Watch (2BD/2.5BA) 1840/2013 2 967 $1,560 $1.61

American Cigar (2BD/1.5BA) 1914/2000 5 1,020 $1,513 $1.48

Superior Warehouse (2BR/2BA) 1852/2004 5 1,074 $1,499 $1.38

Cameron Kinney (2BD/1BA) 1884/1991 19 996 $1,463 $1.47

Main 2323 1917/2016 10 782 $1,446 $1.85

Raven Place (2BR/2BA) 1910/2008 3 1,111 $1,386 $1.25

Superior Warehouse (2BR/1BA) 1852/2004 5 919 $1,382 $1.45

Pohlig Box Factory (2BR/2BA) 1853/2004 13 1,074 $1,366 $1.27

Bobber Flats 1900/2010 9 861 $1,356 $1.57

Raven Place (2BR/1BA) 1910/2008 2 832 $1,235 $1.48

Pohlig Box Factory (2BR/1BA) 1853/2004 3 844 $1,215 $1.44

AVERAGE 801 $1,179 $1.47



POHLIG BOX FACTORY

POHLIG BOX FACTORY SUPERIOR WAREHOUSE LUCKY STRIKE LOFTS

2411 E Franklin Street, Richmond VA 23223

2401 E Franklin Street, Richmond VA 23223

2600 E Cary Street, Richmond VA 23223

65 28 131

4 4 6

1853 1852 1955

2004 2004 2008

N/A N/A N/A

Self Managed - Pohlig Box Factory Self Managed - Superior Warehouse Brookfield Properties

957 874 1,227

$1,178 $1,241 $1,829

$1.29 $1.42 $1.43

N/A N/A N/A

$30/applicant $30/applicant $50/applicant

No utilities included in rentAll utilities (including basic cable and

Internet) included in rentRecycling included in rent

1 assigned garage space included in rent.

Off street parking available Surface parking available at $65/space

None None None

$300 pet fee, no recurring pet charge $300 pet fee, no recurring pet charge$250 pet fee, $25/mo recurring pet

charge

Exposed brick walls, stainless steel appliances, granite countertops, vaulted ceilings in select units, hardwood floors, oak cabinetry,

concierge service, 24-hour maintenance*

Exposed brick walls, white-on-white appliances, hardwood floors in entry

foyer, wall-to-wall berber carpeting in living areas, concierge service, 24-hour

maintenance

Exposed brick walls, tainless steel appliances, granite countertops,

hardwood floors, high ceilings, updated kitchen hardware, large windows,

ceiling fans

In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer

Property

Total Units

Year Built

Stories

Renovation Year

Admin Fee

Application Fee

Renovation Premium

Average Unit Size

Avg. Monthly Price/Unit

Avg. Monthly Price/Unit/SF

Utilities

Parking

Concessions

Pets

Interior Scope

Washer/Dryer

Management

Address

*In select units


SHOCKOE CENTER CAMERON KINNEY THE LOFTS AT CANAL WALK AMERICAN CIGAR

1900 E Franklin Street, Richmond, VA 23223

2400 E. Cary Street, Richmond, VA 23223

1915 Main Street E, Richmond, VA 23223

2300 E Cary Street, Richmond, VA 23223

46 259 200 165

4 6 4 6

1853 1884 1900 1914

2001 1991 2008 2000

N/A N/A N/A N/A

Matrix Residential Brookfield Properties Main Street Realty Brookfield Properties

743 1,019 1,005 984

$1,212 $1,354 $1,731 $1,285

$1.63 $1.33 $1.72 $1.31

N/A $400 N/A $400

$50/applicant $50/applicant $50/applicant $50/applicant

No utilities included in rent Recycling included in rentAll utilities (including basic cable and

Internet) included in rentRecycling included in rent

Surfacing lot parking available at $70/space, garage parking for $100/space

Assigned surface lot parking available from $45 per space to $140/garage

space.

Unassigned garage parking from $50 to $100/space

1 surface lot space included, additional parking available at $75/space

Reduced move-in fees None None None

$300 fee for one pet, $500 fee for two pets, $10/mo recurring pet charge

$400 pet fee, $25/mo recurring pet charge



Exposed brick walls, white-on-white appliances, hardwood floors, loft-style

apartments, walk-in closets

Exposed brick walls, stainless steel appliances, granite countertops,

hardwood floors, updated ktichen hardware, ceilign fans

Exposed brick walls, stainless steel appliances, granite countertops,

kitchen islands, polished floors on 1st level units, hardwood floors in upper

units, updated kitchen hardware, large windows, ceiling fans

Exposed duct work, white-on-white appliances, laminate countertops, oak

cabinetry, wall-to-wall carpeting

In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer

*In select units


POHLIG BOX FACTORY

THE LOFTS AT SHIPLOCK WATCH GARBER GABLES FORDING FLATS

2823 E. Main StRichmond, VA 23223

2201 E. Franklin Street, Richmond, VA 23223


51 59 80

3 4 2

1840 2018 1928

2013 N/A 2018

N/A N/A N/A

Main Street Properties Legend Property Group Legend Property Group

768 847 757

$1,353 $1,408 $1,326

$1.76 $1.66 $1.75

N/A N/A N/A


All utilities included in rent All utilities included in rent All utilities included in rent

Surface lot parking available, 2 spaces per unit

Surface lot parking available for $85/mo, garage parking for $100/mo.

Unassigned garage parking available at $75/space

None None None


$300 pet fee, no recurring pet charge $300 pet fee, no recurring pet charge

Exposed brick walls, stainless steel appliances, granite countertops, hardwood floors, high ceilings,

updated kitchen hardware, large windows, ceiling fans

Stainless steel appliances, hardwood floors, glass-top range, granite

countertops, loft-style apartments, elevatored, updated kitchen hardware

Stainless steel appliances, granite countertops, designer cabinetry, subway

backsplash, large windows, pendant lighting, ceiling fans

In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer

Property

Total Units

Year Built

Stories

Renovation Year

Admin Fee

Application Fee

Renovation Premium

Average Unit Size



Utilities

Parking

Concessions

Pets

Interior Scope

Washer/Dryer

Management

Address

*In select units


OLD STONE ROW CONSOLIDATED CAROLINA AMERICAN TOBACCO CENTER TERRACE 202


2300 E Cary Street, Richmond, VA 23223

113-121 N 20th Street, Richmond, VA 23223

202 N 20th Street, Richmond, VA 23223

96 166 153 57

5 6 5 4

2011 1926 1902 2013

N/A 2004 2005 N/A

N/A N/A N/A N/A

Legend Property Group Brookfield Properties Matrix Residential Legend Property Group

725 957 942 687

$1,281 $1,382 $1,326 $1,326

$1.77 $1.44 $1.41 $1.93

N/A $400 $150 N/A

$50/applicant $50/applicant $50/applicant $50/applicant

All utilities included in rentTrash removal and basic cable included

in rentTrash removal and basic cable included

in rentAll utilities included in rent


1 surface space included in rent, covered parking available

1 surface space included in rent, covered parking available


None None None None

$300 pet fee, no recurring pet charge$350 pet fee, $10/mo recurring pet

charge$350 pet fee, $10/mo recurring pet

charge$300 pet fee, no recurring pet charge

Stainless steel appliances, granite countertops, hardwood floors, updated

kitchen hardware, large windows, ceiling fans

Exposed brick walls, stainless steel appliances, hardwood floors in kitchen, wall-to-wall carpeting in living areas, granite countertops, updated kitchen

hardware

Exposed brick walls, stainless steel appliances, hardwood floors in kitchen, wall-to-wall carpeting in living areas, granite countertops, updated kitchen

hardware

Stainless steel appliances, granite countertops, designer cabinetry,

pendant lighting, updated kitchen hardware, ceiling fans

In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer In-Unit Full-Size Washer/Dryer

*In select units


POHLIG BOX FACTORY

MAIN 2323 RAVEN PLACE BOBBER FLATS

2323 E. Main Street, Richmond, VA 23223

1710 E Broad Street, Richmond, VA 23223

2001 Franklin Street East, Richmond, VA 23223

71 65 40

4 4 2

2013 1910 1900

N/A 2008 2009

N/A N/A N/A

Property Results Dodson Property Mgmt Legend Property Group

617 738 640

$1,178 $1,047 $1,085

$1.91 $1.42 $1.70

N/A $200 N/A


All utilities included in rentWater, trash removal, high-speed

internet access, basic cable and sewer included in rent

Water, high-speed internet access, basic cable and recycling included in

rent

Off-street parkingAssigned surface lot parking at $75/mo., underground garage parking at

$100/mo.1 assigned surface lot space included

None None None



$300 pet fee, $200 deposit, no recurring pet charge

Stainless steel appliances, hardwood floors, glass-top range, granite countertops, elevator, controlled access entry, updated kitchen

hardware

Stainless steel appliances, Bamboo floors/concrete floors, ceiling fans, oak

cabinetry, granite countertops

Stainless steel appliances, hardwood floors, exposed brick, ceiling fans, oak

cabinetry, granite countertops

In-Unit Full-Size Washer/DryerIn-unit W/D in select units, on-site

laundry facilityIn-Unit Full-Size Washer/Dryer

Property

Total Units

Year Built

Stories

Renovation Year

Admin Fee

Application Fee

Renovation Premium

Average Unit Size



Utilities

Parking

Concessions

Pets

Interior Scope

Washer/Dryer

Management

Address

*In select units



POHLIG BOX FACTORY

POHLIG BOX FACTORY2411 E . Frank l in S tR ichmond, VA

Units :65Year Bui l t /Renovated : 1853/2004

MANAGEMENT : Self Managed

COMMUNITY AMENITIESSecured Access Building, Elevator Lobby, Coffee Bar in Lobby, State-of-the-Art Fitness Center, Lavish Courtyard Area, Garage Parking, 24-Hour Building Maintenance, Complimentary Concierge Service, Located Next Door to Farm Fresh, CVS Pharmacy and Easy Access to Major Interstates

UNIT AMENITIESLuxurious Open Concept Layouts, 65 Unique Floorplans, Spectacular City Views, High Ceilings, Fully Applianced Spacious Kitchens with Granite Countertops and Stainless Steel Appliances, Exposed Brick Accent Walls, Beams and Ductwork, Original Hardwood Floors in Living Areas and Bedrooms*, Stained Polished Concrete Floors and/or Berber Carpeting, Custom Tract Lighting, Ceiling Fans, In Unit Full-Size Washer and Dryers, Plantation Blinds

C O N S O L I D A T E D U N I T M I XUNIT TYPE # UNITS %TTL SF IN-PLACE RENT/UNIT AVG MARKET RENT/SF

Studio 3 4.3% 611 $943 $1.54

1BD/1BA 41 58.6% 727 $1,016 $1.40

2BD/1BA 3 4.3% 844 $1,215 $1.44

2BD/2BA 13 18.6% 1,074 $1,366 $1.27

2BD/2.5BA 3 4.3% 1,598 $1,615 $1.01

2BD/2.5BA Penthouse 1 1.4% 2,338 $2,725 $1.17

4BD/2.5BA Penthouse 1 1.4% 4,043 $3,100 $0.77

Commercial Space 5 7.1% 1,539 $1,525 $0.99

TOTAL/AVG 70 100.0% 957 $1,203 $1.26


SUPERIOR WAREHOUSE2401 E . Frank l in S tR ichmond, VA

Units : 28Year Bui l t /Renovated : 1852/2004

MANAGEMENT : Self Managed

COMMUNITY AMENITIESSecured Access Building, Elevator Lobby, Off-Street Parking Available, 24-Hour Building Maintenance, Complimentary Concierge Service, Located Next Door to Farm Fresh, CVS Pharmacy and Easy Access to Major Interstates

UNIT AMENITIESLuxurious Open Concept Layouts, Spectacular City Views, High Ceilings, Fully Applianced Spacious Kitchens with Laminate Countertops and White-on-White Appliances, Ceramic Tile Kitchen Floors, Exposed Brick Accent Walls, Beams and Ductwork, Hardwood Flooring in Entry Foyers, Berber Carpeting and/or Laminate Flooring in Living Areas and Bedrooms, Custom Tract Lighting, Ceiling Fans, In Unit High Efficiency LG Washer and Dryer Combo Units, Plantation Blinds

*In select units

C O N S O L I D A T E D U N I T M I XUNIT TYPE # UNITS %TTL SF IN-PLACE RENT/UNIT AVG MARKET RENT/SF

1BD/1BA 18 64.3% 803 $1,130 $1.41

2BD/1BA 5 17.9% 919 $1,382 $1.50

2BD/2BA 5 17.9% 1,084 $1,499 $1.38

TOTAL/AVG 28 100.0% 874 $1,241 $1.42


POHLIG BOX FACTORY

LUCKY STRIKE LOFTS2600 E Car y S t reetR ichmond, VA

Units : 131Year Bui l t : 1955/2008

MANAGEMENT : Brookfield Properties

COMMUNITY AMENITIES24-Hour Courtesy Patrol, 24-Hour Maintenance, 3 Fitness Centers, Barbecue and Picnic Patios, Canal and River Walk in Front of Community, Community Room with Large Screen TV, Community Spaces with Wi-Fi, Conference and Boardroom Facilities, Controlled Building Access, Fitness on Demand Virtual Training Center, Full-Service Coffee Bar, On-Site Dry Cleaning Delivery, On-Site Parking, On-Site Restaurants, Theater Room, Two Swimming Pools with Spas and Sun Decks

UNIT AMENITIESStainless Steel Appliances, Granite Countertops, Ceiling Fans, Carpet in Bedrooms, Ceramic Tile in Baths, Dual Pane Windows for Sound and Weather Insulation, Exposed Brick Walls, Wood Beams and Metal Ductwork, Hardwood Floors in Kitchen and Living Areas, In Unit Washer and Dryer, Oversized Closets, Open Kitchens with Counters/Islands, Mini-Blinds, River and City Views Available, 14-18 Foot Ceilings, Pendant and Track Lighting, Wired for High Speed Internet and Cable

OCCUPANCY: 96.2%

C O N S O L I D A T E D U N I T M I XUNIT TYPE # UNITS %TTL SF AVG MARKET RENT/UNIT AVG MARKET RENT/SF

1BR/1BA 67 51.1% 858 $1,388 $1.62

1BR/1.5BA 5 3,8% 957 $1,434 $1.50

2BR/2BA 59 45.0% 1,277 $1,829 $1.43

TOTAL/AVG 131 100.0% 1,050 $1,588 $1.51


SHOCKOE CENTER1900 E . Frank l in S tR ichmond, VA


MANAGEMENT : Matrix Residential

COMMUNITY AMENITIESAll utilities included in rent, Rooftop swimming pool and sundeck, 24-Hour cardio center, Strength training facility, Cyber Cafe, Controlled Access Building, Enclosed corridors with elevators, Covered parking available, Off-street parking provided, Study space in common areas, valet trash services, Outdoor lounge with fire pit

UNIT AMENITIESWhite-on-white appliances, hardwood floors*, Full-size washer/dryer in each unit, Exposed brick*, Loft-style apartments, Walk-in closets*, Historical building with unique floor plans, Original architectural elements, Pet friendly

OCCUPANCY: 97.8%

*In select units


1BD/1BA 29 63.0% 716 $1,308 $1.83

1BD/1.5BA 14 30.4% 730 $920 $1.26

2BD/1BA 2 4.3% 967 $1,560 $1.61

2BD/2.5BA 1 2.2% 1,256 $1,800 $1.43

TOTAL/AVG 46 100.0% 743 $1,212 $1.63


POHLIG BOX FACTORY

CAMERON K INNEY2400 E . Car y S t ,R ichmond, VA



COMMUNITY AMENITIESClubhouse, Two Outdoor Pools with Spa and Sun decks, Three fitness center, Outdoor Grilling Area, Theater Room, Garage Resident and Guest Parking, Controlled Building access, Complimentary, On-Site Maintenance, Dry Cleaning Service, On-Site Restaurants

UNIT AMENITIESStainless Steel Appliances, Granite Countertops, Hardwood Floors, Exposed Brick Walls, Modern Kitchen Hardware, Full Size Washer and Dryers, Ceiling Fans, Double Pane Windows, Spacious Closets

OCCUPANCY: 94.6%


1BR/1BA 170 65.6% 876 $1,149 $1.31

2BR/1BA 19 7.3% 996 $1,463 $1.47

2BR/2BA 50 19.3% 1,321 $1,777 $1.35

3BR/2BA 20 7.7% 1,500 $1,932 $1.29

TOTAL/AVG 259 92.3% 1,019 $1,354 $1.33


THE LOFTS AT CANAL WALK1915 Main St reet EastR ichmond, VA


MANAGEMENT : Main Street Realty

COMMUNITY AMENITIESClubhouse, BBQ/Picnic Area, Bike Racks, Package Service, On-Site Maintenance, Door-to-Door Trash Pickup, Dry Cleaning Service, Maid Service, Planned Social Activities, Guest Suite, Pet Play Area, Car Charging Station, Controlled Access Building, Lounge Area, Corporate Suites, Fitness Center, Swimming Pool

UNIT AMENITIESStainless Steel Appliances, Granite Countertops, Hardwood Floors, Exposed Brick Walls and Ductwork, Modern Kitchen Cabinetry, Full Size Washer and Dryers, Pendant Lighting, Kitchen Backsplashes, Fireplaces in Select Units, Oversized Windows with Blinds

OCCUPANCY: 92.5%


Studio 66 33.0% 497 $950 $1.91

1BR/1BA 67 33.5% 901 $1,418 $1.57

2BR/2BA 67 33.5% 1,005 $1,731 $1.72

TOTAL/AVG 200 100.0% 803 $1,368 $1.71


POHLIG BOX FACTORY

AMERICAN C IGAR2300 E Car y S tR ichmond, VA




UNIT AMENITIES14’ Ceilings, Stainless steel appliances, Open Kitchen with Counter Seating Area, Exposed brick Walls, Hardwood ceilings, Full-Size washer/dryer in each unit, Fireplace, High ceilings, Large closets, Ceiling fans, Granite Countertops, Oversized Windows, Walk-in Closets,Handicap Accessible

OCCUPANCY: 94.8%


1BD/1BA 110 66.7% 842 $1,109 $1.32

1BD/1.5BA 7 4.2% 1,000 $1,387 $1.39

2BD/1.5BA 5 3.0% 1,020 $1,513 $1.48

2BD/2BA 42 25.5% 1,331 $1,674 $1.26

3BD/2BA 1 0.6% 1,735 $2,382 $1.37

TOTAL/AVG 165 100.0% 984 $1,285 $1.31


THE LOFTS AT SHIPLOCK WATCH2823 E . Main StR ichmond, VA


MANAGEMENT : Main Street Realty

COMMUNITY AMENITIESUtilities included in rent, Free gym membership, Infinity swimming pool, Pet friendly, Controlled access, Bike racks, Poolside Wi-Fi, Valet trash, Smoke free environment

UNIT AMENITIESStainless steel appliances, Built-in iPod docking station, Exposed brick/beams, Hardwood ceilings, Full-Size washer/dryer in each unit, Fireplace, High ceilings, Large closets, Ceiling fans, Granite countertops, Window coverings, Wheelchair access

OCCUPANCY: 94.1%


1BD/1BA 30 58.8% 627 $1,171 $1.87

1BD/1.5BA 2 3.9% 765 $1,209 $1.58

2BD/2BA 17 33.3% 980 $1,672 $1.71

2BD/2.5BA 2 3.9% 1,084 $1,524 $1.41

TOTAL/AVG 51 100.0% 768 $1,353 $1.76


POHLIG BOX FACTORY

GARBER GABLES2201 E . Frank l in S tR ichmond, VA

Units : 59Year Bui l t : 2018

MANAGEMENT : Legend Property Group

COMMUNITY AMENITIESAll utilities included in rent, Sparkling swimming pool, 24-Hour fitness center, Fire pit, Controlled access entry, Bike Racks, Surface level parking, Garage parking, Elevator access

UNIT AMENITIESStainless steel appliances, Glass top electric stove, Hardwood floors, Full-size washer/dryer in each unit, Pet friendly, Loft-style apartments, Granite countertops, Ceiling fans, Updated cabinetry, Open concept floorplans, Updated finishes, Large windows

OCCUPANCY: 98.3%


1BD/1BA 30 50.8% 678 $1,150 $1.70

2BD/1BA 25 42.4% 985 $1,628 $1.65

3BD/2BA 4 6.8% 1,253 $1,987 $1.59

TOTAL/AVG 59 100.0% 847 $1,409 $1.66


FORDING FLATS2213 E Frank l in S tR ichmond, VA



COMMUNITY AMENITIESAll utilities included in rent, 24-Hour fitness center, Swimming pool, Fire pits, On-site management, Additional storage available, Garage and Surface level Parking Available, 24-Hour maintenance, Bike racks, Controlled Access Entry

UNIT AMENITIESHigh Ceilings, Stainless steel appliances, Hardwood floor or Polished Concrete Flooring, Full-Size washer/dryer in unit, Large windows

OCCUPANCY: 97.5%

*In select units


1BD/1BA 58 72.5% 657 $1,202 $1.83

2BD/2BA 20 25.0% 988 $1,609 $1.63

3BD/2BA 2 2.5% 1,339 $2,077 $1.55

TOTAL/AVG 80 100.0% 757 $1,326 $1.75


POHLIG BOX FACTORY

OLD STONE ROW2005 E Frank l in S tR ichmond, VA



COMMUNITY AMENITIESControlled access entry, Access to Shockoe Valley outdoor swimming pool, Access to fire pit, deck and grilling area, Pet Friendly, Off-street parking,24-Hour fitness center, Utilities included in the rent, Off-street parking

UNIT AMENITIESStainless steel appliances, Stylish flooring, Full-size washer/dryer in each unit, Gouremnt Kitchen with Granite countertops, Ceiling fans, Designer-selected plumbing fixtures, Private balcony, Tile flooring in bathroom

OCCUPANCY: 97.9%


1BD/1BA 56 58.3% 590 $1,063 $1.80

2BD/2BA 40 41.7% 915 $1,586 $1.73

TOTAL/AVG 96 100.0% 725 $1,281 $1.77


CONSOLIDATED CAROLINA 2300 E Car y S tR ichmond, VA




UNIT AMENITIES14’ Ceilings, Exposed brick walls with wood beams, Stylish pendant and track lighting, Stainless steel appliances, Hardwood floors, Oversized windows with mini-blinds, Full-Size washer/dryer in unit, Walk-in closets, River and city views

OCCUPANCY: 92.8%


1BD/1BA 133 80.1% 923 $1,332 $1.44

2BD/2BA 33 19.9% 1,092 $1,585 $1.45

TOTAL/AVG 166 100.0% 957 $1,382 $1.45


POHLIG BOX FACTORY

AMERICAN TOBACCO CENTER113-121 N 20th StR ichmond, VA


MANAGEMENT : Matrix Residential

COMMUNITY AMENITIES Clubroom, 2,000 SF 24-Hour Cardio Center, 24-Hour Surveillance System, Conference Room, Covered Parking, Cyber Café and Coffee Bar, Door-to-Door Trash Pick-Up, On-Site Management, On-Site Maintenance, Guest Suite Available, Rooftop Swimming Pool and Sundeck, Resident Mezzanine, Views of Downtown Richmond, Study Space in Common Areas, Vending Services

UNIT AMENITIESStainless Steel Appliances, Granite Countertops, Hardwood Floors, Fireplaces, Expansive Windows, Built-in Bookshelves, Breakfast Bars, Ceramic Tile Floors in Bath, Private Decks/Community Mezzanine, Premium Dish Network Included, High Speed Internet Included, Full-Size Washer & Dryers

OCCUPANCY: 96.1%


1BR/1BA 64 41.8% 719 $986 $1.37

2BD/2BA 87 56.9% 1,100 $1,563 $1.42

3BD/2BA 2 1.3% 1,209 $1,875 $1.55

TOTAL/AVG 153 100.0% 942 $1,326 $1


TERRACE 202202 N 20th StR ichmond, VA



COMMUNITY AMENITIESAll utilities included in rent, Modern construction, Controlled access entry, Access to Shockoe Valley Heights Swimming pool, Fire pit, Grilling pavilion, Fitness Center, Package receiving services, Structure parking, 24-hour emergency maintenance

UNIT AMENITIESStainless steel appliances, Gourment kitchens with Granite countertops, Stylish hardwood plank flooring, Designer-selected plumbing fixtures, Full size washer and dryer, Tile flooring in bathroom, OVersized windows, Private balconies

OCCUPANCY: 91.2%


1BD/1BA 40 70.2% 586 $1,198 $2.04

2BD/2BA 14 24.6% 899 $1,555 $1.73

2BD/2.5BA 3 5.3% 1,045 $1,958 $1.87

TOTAL/AVG 57 100.0% 687 $1,326 $1.93


POHLIG BOX FACTORY

MAIN 23232323 E . Main StR ichmond, VA


MANAGEMENT : Property Results, LLC

COMMUNITY AMENITIESUtilities included in rent, Sparkling swimming pool, 24-Hour fitness center, Valet trash service, Off-street parking, Community Room

UNIT AMENITIESStainless steel appliances, Glass top electric stove, Hardwood floors, Full-size washer/dryer in each unit, Pet friendly, Loft-style apartments, Granite countertops, Ceiling fans, Updated cabinetry, Open concept floorplans, Updated finishes, Large windows

OCCUPANCY: 98.6%


Studio 18 25.4% 550 $970 $1.76

1BD/1BA 39 54.9% 600 $1,195 $1.99

1BD/1.5BA 4 5.6% 672 $1,272 $1.89

2BD/2BA 10 14.1% 782 $1,446 $1.85

TOTAL/AVG 71 100.0% 617 $1,178 $1.91


RAVEN PLACE1710 E Broad StR ichmond, VA


MANAGEMENT : Dodson Property Management

COMMUNITY AMENITIES24-Hour fitness center, Controlled access entry, Additional storage available, Covered parking available, 24-Hour maintenance, Historic building

UNIT AMENITIESStainless steel appliances, Hardwood floors*, Patio/Balcony, Full-Size washer/dryer in unit, High ceilings, Ceiling fans, City views

OCCUPANCY: 98.5%

*In select units


1BD/1BA 60 92.3% 716 $1,024 $1.43

2BD/1BA 2 3.1% 832 $1,235 $1.48

2BD/2BA 3 4.6% 1,111 $1,386 $1.25

TOTAL/AVG 65 100.0% 738 $1,047 $1.42


POHLIG BOX FACTORY

BOBBER FLATS2001 E Frank l in S t ,R ichmond, VA



COMMUNITY AMENITIESControlled access entry, Access to Shockoe Valley outdoor swimming pool, Access to fire pit, deck and grilling area, Off-street parking,24-Hour fitness center, Utilities included in the rent, Off-street parking, Historic building

UNIT AMENITIESStainless steel appliances, Stylish flooring, Full-size washer/dryer in each unit, Gouremnt Kitchen with Granite countertops, Designer-selected plumbing fixtures, Private balcony, Polished concrete floors

OCCUPANCY: 100.0%

*In select units


1BD/1BA 21 70.0% 551 $967 $1.75

2BD/2BA 3 10.0% 788 $1,327 $1.68

TOTAL/AVG 30 100.0% 556 $983 $1.77


76

POHLIG BOX FACTORY

77

F I N A N C I A LA N A LY S I S

78 Financial Analysis

POHLIG BOX FACTORY

HISTORICALS

INCOME Totals % of GSR Totals % of GSR Totals % of GSR Totals % of GSR

Net Rental Income $1,326,979 100.00% $1,339,676 100.00% $1,356,540 100.00% $1,473,644 100.00%

Plus: RUBS Income 28,461 306 25,237 271 25,103 270 54,230 583Plus: Pet Income 2,225 24 2,900 31 1,500 16 14,648 158Plus: Parking Income 31,406 338 32,460 349 31,500 339 32,348 348Plus: Other Income 6,074 65 2,733 29 2,284 25 6,256 67Plus: Storage Income 8,180 88 8,280 89 8,280 89 8,425 91Unit Upgrade Income - - - - - - 61,090 657

Total Other Income $76,346 $821 $71,610 $770 $68,667 $738 $176,997 $1,903

Effective Gross Income $1,403,325 $15,090 $1,411,286 $15,175 $1,425,207 $15,325 $1,650,641 $17,749

EXPENSES Totals Per Unit Totals Per Unit Totals Per Unit Buyer's Exp Per Unit

Repairs and Maintenance 107,229 1,153 107,229 1,153 107,229 1,153 69,750 750Payroll 109,020 1,172 109,020 1,172 109,020 1,172 110,000 1,183Administrative 15,701 169 15,701 169 15,701 169 18,600 200Marketing 17,692 190 17,692 190 17,692 190 18,600 200Contract Services 11,470 123 11,470 123 11,470 123 11,700 126Turnover 6,904 74 6,904 74 6,904 74 18,600 200Utilities 143,853 1,547 143,853 1,547 143,853 1,547 146,730 1,578

Total Variable Expenses $411,869 $4,429 $411,869 $4,429 $411,869 $4,429 $393,980 $4,236

Taxes 146,538 1,576 146,538 1,576 146,538 1,576 168,300 1,810Insurance 35,214 379 35,214 379 35,214 379 23,250 250Management Fee 90,419 6.44% 90,419 6.41% 90,419 6.34% 49,519 3.00%

Total Operating Expenses $684,040 $7,355 $684,040 $7,355 $684,040 $7,355 $635,049 $6,828

Capital Reserves 27,900 300 27,900 300 27,900 300 27,900 300Total Expenses $711,940 $7,655 $711,940 $7,655 $711,940 $7,655 $662,949 $7,128

NET OPERATING INCOME $691,385 $7,434 $699,346 $7,520 $713,267 $7,670 $987,692 $10,620

T12 Inc Ann T3 Inc Ann T1 Inc Ann 12/01/19 May '19 May '19 May '19 Year 1 Starting

Financial Analysis 79

UNIT UPGRADE ANALYSIS

Trailing 12 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Market Rent Before Upgrades: $1,326,979 $1,473,644 $1,547,326 $1,593,746 $1,641,558 $1,690,805 $1,741,529 $1,793,775

Annual Upgrade Revenue: $61,090 $181,947 $236,322 $243,411 $250,714 $258,235 $265,982

Market Rent Total: $1,326,979 $1,534,733 $1,729,273 $1,830,067 $1,884,969 $1,941,518 $1,999,764 $2,059,757

Trailing 12 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7Cumulative Upgrade Revenue: $61,090 $243,037 $479,358 $722,770 $973,483 $1,231,718 $1,497,700Total Upgrade Program Cost: $192,240 $372,465 $372,465 $372,465 $372,465 $372,465 $372,465

110% 116% 119% 123% 126% 130% 134%

Trailing 12 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7Tier 1 Units Upgraded: 48 93 93 93 93 93 93

Tier 2 Units Upgraded: 0 0 0 0 0 0 0

Units Already Upgraded: 0 0 0 0 0 0 0 0

Total Units Upgraded: 0 48 93 93 93 93 93 93

Avg. Market Rent per Unit: $1,189 $1,375 $1,550 $1,640 $1,689 $1,740 $1,792 $1,846Additional Upgrade Vacancy: 4.3% 4.0% 0.0% 0.0% 0.0% 0.0% 0.0%Annual Upgrade Capital Expense: $192,240 $180,225 $0 $0 $0 $0 $0

Trailing 12 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7Rent Growth Before Upgrades: 10.0% 5.0% 3.0% 3.0% 3.0% 3.0% 3.0%Rent Growth After Upgrades: 15.7% 12.7% 5.8% 3.0% 3.0% 3.0% 3.0%

Total Units: 93 Year 1 Total Units Upgraded: 48 Year 6 Total Units Upgraded:Units Already Upgraded: 0 Year 2 Total Units Upgraded: 45 Year 7 Total Units Upgraded:Annual Unit Turnover: 55% Year 3 Total Units Upgraded: 0 Year 8 Total Units Upgraded:Maximum Unit Upgrades Started Monthly: 4 Year 4 Total Units Upgraded: 0 Year 9 Total Units Upgraded:Minimum Unit Upgrades Started Monthly: 4 Year 5 Total Units Upgraded: 0 Year 10 Total Units Upgraded:Starting Month: Month 1

Remaining Units Upgraded: 100% Year 1 Units Upgraded: 48 Year 6 Units Upgraded: 0Upgrade Capex per Unit: $4,005 Year 2 Units Upgraded: 45 Year 7 Units Upgraded: 0Add'l Monthly Rent per Unit: $178 Year 3 Units Upgraded: 0 Year 8 Units Upgraded: 0Investment Payback: 1.9 Years Year 4 Units Upgraded: 0 Year 9 Units Upgraded: 0Add'l Turnover Time: 1 Month Year 5 Units Upgraded: 0 Year 10 Units Upgraded: 0

Trailing 12 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7Annual Upgrade Revenue: $61,090 $181,947 $236,322 $243,411 $250,714 $258,235 $265,982Cumulative Upgrade Revenue: $61,090 $243,037 $479,358 $722,770 $973,483 $1,231,718 $1,497,700Annual Upgrade Capital Expense: $192,240 $180,225 $0 $0 $0 $0 $0Total Upgrade Program Cost: $192,240 $372,465 $372,465 $372,465 $372,465 $372,465 $372,465

UNIT UPGRADE TIER 1


POHLIG BOX FACTORY

FINANCIAL ASSUMPTIONS

Net Rental IncomeNet Rental Income is assumed to be $1,473,644 in Year 1, based on the Property’s current market rents, grown by 10.00% in Year 1, equating to an average monthly rent of $1,320 per month/unit, or $1.47 per SF. Net Rental Income includes the commercial space income that is detailed in the table below. Rent growth in Year 2 scales down to 5.00%, and normalizes to 3.00% in Years 3 through 8.

RUBS IncomeRubs Income in Year 1 totals $54,230, or $583 per unit/year, which is based on the following assumptions:

Pet Income Parking Income in Year 1 totals $32,348 or $348 per unit/year, which is based on the trailing-12 benchmark level grown by 3.00% per year throughout the projection period.

RETAIL TENANT LOCATION LEASE BEGIN

LEASE END

SIZE (SF)

MARKET RENT

IN-PLACE RENT

PSF MISCELLANEOUS CHARGES

TOTAL CHARGES

Allan Martin Retail 2 7/20/18 6/30/19 1,512 $1,500 $1,700 $1.12 $0 $1,700

Hill Cleaners Retail 3A 12/1/04 9/30/19 1,197 $1,750 $1,875 $1.57 $0 $1,875

Shelter Salon - Office

Retail 3B 7/1/15 6/30/19 150 $450 $500 $3.33 $0 $500

Vacant Retail 4 3,711 $3,500 $3,500 $0.94 $0 $2,000

Shelter Salon - Main

Retail 5 7/1/13 6/30/21 1,127 $500 $1,550 $1.38 $171 $1,721

TOTAL 7,697 $7,700 $9,125 $1.19 $171 $7,796

PET INCOME POTENTIAL PET FEE PET RENT TOTAL PET INCOME

Yearly Pet Fee $300 $25

% of Tenants with Pets 35.0% 35.0%

Annual Turnover 50.0%

YEARLY PET INCOME $4,883 $9,765 $14,648

RUBS INCOME

Pohlig Box Factory RUBS Recovery during T-12 Period (Grown by 2.00%) $29,030

Superior Warehouse - RUBS Implementation In Year 1

Monthly Recovery $150

Total Yearly RUBS Income $25,200

TOTAL $54,230

Other Income Other Income in Year 1 totals $6,256, or $67 per unit/year, which is based on the trailing-12 benchmark level grown by 3.00% per year through-out the projection period. Other Income includes early termination fees, late fees, damage fees, NSF fees, transfer fees, and application fees.

Storage IncomeStorage Income in Year 1 totals $8,425 or $91 per unit/year, which is based on the trailing-12 benchmark level grown by 3.00% per year through-out the projection period.


Renovation PremiumAll of the 93 multifamily units are value-add candidates, with Poligh Box Factory representing a light value-add play, while Superior Warehouse represents a full-scope unit interior value-add play. The units are renovated over a two year period, at an average cost of $4,005 per unit and at an average renovation premium of $178 per unit. Please refer to Page XX of the OM for the discussion of renovation assumptions.

Operating ExpensesVariable Expenses are based on a combination of the trailing-12 benchmark level and the average per unit expense levels of comparable product in the marketplace. Operating expenses are grown by 2.00% on an annual basis beginning in Year 2.

Repairs & MaintenanceRepairs & Maintenance expenses in Year 1 total to $69,750, or alternatively $750 per unit, which is based on the average unit expense level for comparable product in the marketplace. Repairs & Maintenance expense is grown by 2.00% on an annual basis beginning in Year 2.

Payroll Expenses Payroll expenses are based on the following payroll schedule. Payroll expenses are grown by 2.00% on an annual basis beginning in Year 2.

InsuranceInsurance expenses total $23,250 in Year 1, or $250 per unit/year. Insurance expenses in Year 1 are based on insurance expenses of comparable multifamily product in the local marketplace, grown by 2.00% per year beginning in Year 2.

Management F eesManagement Fees are assumed to be 3.00% of Effective Gross Income throughout all projection years.

Replacement ReservesReplacement Reserves are projected to be $27,900 per year, or alternatively $300 per unit..

Real Estate TaxesThe Properties are comprised of three separate real estate parcels, E000-0341-005, E000-0341-027 and E000-0341-028. The Real Estate Tax Assessment for the 2019 fiscal year is $12,105,000. The millage rate in Year 1 is based on the current City of Richmond VA’s millage rate of $1.20 per $100 of assessed value. The Year 1 Proforma real estate taxes totals $168,300, or alternatively $1,810 per unit, which is based on an assessment of 85% of the sales price.

PERSONNEL OVERVIEW STATUS SALARY



Housekeeper 1 Part-time ($13/hour, 15 to 20 hour average work week) $14,500

Groundskeeper 1 Part-time ($13/hour, 15 to 20 hour average work week) $7,800

TOTAL ANNUAL PAYROLL $110,000

PARCELS E000-0341-005, E000-0341-027, E000-0341-028

Year FY 2020 FY 2019 FY 2018 FY 2017

Total Assessed $12,957,000 $12,105,000 $12,105,000 $12,105,000

Tax Rate $1.20 $1.20 $1.20 $1.20

Real Estate Taxes $155,484 $145,260 $145,260 $145,260

Payroll is allocated between Pohlig Box Factory and Superior Warehouse


POHLIG BOX FACTORY

CASH FLOW PROJECTION YEARS 1-4

INCOME Year 1 Year 2 Year 3 Year 4

Net Rental Income $1,473,644 $1,547,326 $1,593,746 $1,641,558

Plus: RUBS Income 54,230 55,315 56,421 57,549Plus: Pet Income 14,648 15,087 15,540 16,006Plus: Parking Income 32,348 33,319 34,318 35,348Plus: Other Income 6,256 6,444 6,637 6,836Plus: Storage Income 8,425 8,678 8,939 9,207Unit Upgrade Income 61,090 181,947 236,322 243,411

Total Other Income $176,997 $300,790 $358,176 $368,357

Effective Gross Income $1,650,641 $1,848,115 $1,951,922 $2,009,915

EXPENSES

Repairs and Maintenance 69,750 71,145 72,568 74,019Payroll 110,000 112,200 114,444 116,733Administrative 18,600 18,972 19,351 19,738Marketing 18,600 18,972 19,351 19,738Contract Services 11,700 11,934 12,172 12,416Turnover 18,600 18,972 19,351 19,738Utilities 146,730 149,665 152,658 155,711

Total Variable Expenses $393,980 $401,859 $409,897 $418,095

Taxes 168,300 172,508 176,820 181,241Insurance 23,250 23,715 24,189 24,673Management Fee 49,519 55,443 58,558 60,297

Total Operating Expenses $635,049 $653,525 $669,464 $684,306

Capital Reserves $27,900 $28,458 $29,027 $29,608Total Expenses $662,949 $681,983 $698,491 $713,913

NET OPERATING INCOME $987,692 $1,166,132 $1,253,431 $1,296,002

ASSUMPTIONS Year 1 Year 2 Year 3 Year 4Annualized GSR Growth Rates 10.00% 5.00% 3.00% 3.00%Less: (Gain)/Loss-to-Lease 0.00% 0.00% 0.00% 0.00%Less: Vacancy 0.00% 0.00% 0.00% 0.00%RUBS Income 2.00% 2.00% 2.00% 2.00%Expenses 2.00% 2.00% 2.00% 2.00%Management Fee 3.00% 3.00% 3.00% 3.00%


CASH FLOW PROJECTION YEARS 5-8

INCOME Year 5 Year 6 Year 7 Year 8

Net Rental Income $1,690,805 $1,741,529 $1,793,775 $1,847,588

Plus: RUBS Income 58,700 59,874 61,072 62,293Plus: Pet Income 16,486 16,980 17,490 18,015Plus: Parking Income 36,408 37,500 38,625 39,784Plus: Other Income 7,042 7,253 7,470 7,695Plus: Storage Income 9,483 9,767 10,060 10,362Unit Upgrade Income 250,714 258,235 265,982 273,961

Total Other Income $378,833 $389,610 $400,700 $412,110

Effective Gross Income $2,069,637 $2,131,139 $2,194,475 $2,259,698

EXPENSES

Repairs and Maintenance 75,500 77,010 78,550 80,121Payroll 119,068 121,449 123,878 126,355Administrative 20,133 20,536 20,947 21,366Marketing 20,133 20,536 20,947 21,366Contract Services 12,664 12,917 13,176 13,439Turnover 20,133 20,536 20,947 21,366Utilities 158,825 162,002 165,242 168,547

Total Variable Expenses $426,456 $434,986 $443,685 $452,559

Taxes 185,772 190,416 195,176 200,056Insurance 25,167 25,670 26,183 26,707Management Fee 62,089 63,934 65,834 67,791

Total Operating Expenses $699,484 $715,006 $730,879 $747,113

Capital Reserves $30,200 $30,804 $31,420 $32,048Total Expenses $729,684 $745,809 $762,299 $779,161

NET OPERATING INCOME $1,339,954 $1,385,330 $1,432,176 $1,480,537

ASSUMPTIONS Year 5 Year 6 Year 7 Year 8Annualized GSR Growth Rates 3.00% 3.00% 3.00% 3.00%Less: (Gain)/Loss-to-Lease 0.00% 0.00% 0.00% 0.00%Less: Vacancy 0.00% 0.00% 0.00% 0.00%RUBS Income 2.00% 2.00% 2.00% 2.00%Expenses 2.00% 2.00% 2.00% 2.00%Management Fee 3.00% 3.00% 3.00% 3.00%

CARTER WOOD

Associate

804.350.2109

[email protected]

WINK EWING

Senior Managing Director

703.575.2157

[email protected]

DREW WHITE

Executive Managing Director

202.664.5890

[email protected]

ED GARNICA

Financial Analyst

703.918.4678

[email protected]

MIKE MARSHALL

Executive Managing Director

703.575.2152

[email protected]

MATTHEW TREUMUN

Graphic Designer

703.918.4669

[email protected]

WASHINGTON, D.C.1899 Pennsylvania Ave NWSuite 300Washington, D.C. 20006

TYSONS CORNER1410 Spring Hill RdSuite 600McLean, VA 22102

RICHMOND1512 Willow Lawn DrSuite 200Richmond, VA 23230

NORFOLK999 Waterside DrSuite 2525Norfolk, VA 23510

MULTIFAMILY INVESTMENT SALES

OFFICE LOCATIONS

Documents

POHLIG BOX FACTORY & SUPERIOR WAREHOUSE...Pohlig Box Factory − 1 Bedroom Units 727 $1,016 $391 Superior Warehouse − 1 Bedroom Units 803 $1,130 $277 2 Bedroom Unit Rent Differential