STRENGTHS

1. Top Location – Great location; pedestrian to retail and VSU and just down Baytree from major retail

2. Renovations in 2018/2019 of $1.7 million refreshed properties and fixed deferred maintenance

3. Largest average unit square footage in the market

4. Desirable for conversion to conventional leasing – attractive to conventional residents due to large floor plans and a large majority of 2BR and 3BR units (4BR units can be 3BR with office/den) and high parking ratio

5. Consistently one of the most desirable apartment communities in the submarket proven by high occupancy and annual rent increases

6. Clubhouse and Leasing Office are new and top of market compared to other communities in this submarket

POTENTIAL OPPORTUNITIES

1. Value-add opportunity with additional unit interior renovation options

2. Increase NOI by:

• Restructure utilities to full resident responsibility for actual electric and water usage (currently partial owner paid with cap)

• Expenses currently include intrusion alarm monitoring expense for all units; move this to optional expense to be paid by tenants

• Remove cable expense from owner cost when feasible

• THE OW N E R S  H AV E  I N V E ST E D $ 1 . 7 M I L L I O N  I N  R E N OVAT I O N S  I N  2018 & 2019

• $10, 3 1 6  P E R  U N I T  AT THE GATES AT VALDOSTA

• $19,296 PER UNIT AT T H E  G AT E S  AT  T H E STADIUM