Offering Memorandum LAKEVIEW CONDO DECONVERSION

1 Offering Memorandum LAKEVIEW CONDO DECONVERSION 628-634 W ROSCOE ST CHICAGO, IL 60657 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL Exclusive Agent Colliers International ( Seller s Agent ) is the exclusive agent for the owner and seller ( Seller ) of 628-634 W Roscoe St ( Property ). Please contact us if you have any questions. No cooperating brokerage commission shall be paid by Colliers or the Seller. Buyer s Broker, if any, shall seek commission compensation from the Buyer only. Designated Agents The designated agents for the Seller are: Tyler Hague Vice President Direct +1 312 612 5936 Email Jack Maloney Associate Direct +1 312 612 5944 Email Colliers International Disclaimer This document has been prepared by Colliers International for advertising and general information only.

2 Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 2016. All rights reserved. 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL Table of Contents > EXECUTIVE SUMMARY.

3 1 Investment Opportunity .. 2 Rent Roll & Unit Mix .. 4 Exterior Photographs .. 5 Unit Photographs .. 6 Area Map .. 7 > MARKET OVERVIEW .. 8 Market Rent Survey .. 9 Comparable Property Sales .. 10 > PRICING & CASH FLOW .. 12 Valuation Summary & Proforma .. 13 Confidentiality & Disclaimer Statement .. 19 Offering Memorandum 628-634 W Roscoe St Chicago, Illinois > Executive Summary EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 2 Investment Opportunity COLLIERS INTERNATIONAL is pleased to exclusively offer for sale, this rare condominium DECONVERSION opportunity located at 628-634 West Roscoe Street in Chicago, IL.

4 Just one block west of Lake Michigan in the notable LAKEVIEW submarket, the Property offers the unique ability for an investor to immediately deconvert a 22 unit, courtyard style CONDO building into apartments in one of the historically strongest rental submarkets in Chicago. The property was converted from apartments to condominiums 15 years ago and due to excellent upkeep by the current owner-occupiers; unit finishes and common areas are in superior condition compared to similar apartment properties of this vintage. Comprised of 16 one bedroom + den units and 6 two bedroom units, the unit orientation is ideal for young professionals and couples looking for higher end units in a neighborhood with typically older apartment product, yet at a lower price point than newer Class A high-rise rents.

5 In a submarket that hasn t seen any new inventory over the last four quarters, demand is projected to outpace supply over the next year making LAKEVIEW one of the most stable multifamily markets with occupancy at market highs. The strength of Chicago s LAKEVIEW neighborhood speaks to the potential long term rent growth and sustainability of this asset. LAKEVIEW Boasting a diverse mix of local boutique retailers, bars and restaurants, and music venues, the LAKEVIEW submarket thrives off a diverse population mix. Young urban professionals, families, and baby boomers alike take advantage of a myriad of social and cultural amenities in the area and are additionally attracted to the proximate lakefront access which make this one of the most desirable places to live in Chicago.

6 Home to Wrigley Field and the Southport, Clark, and Broadway retail corridors, the neighborhood offers a diverse mix of retail, residential, and hotel properties. Residential space and street level retail dominate the main thoroughfares while side streets are lined with historic Chicago brownstones and Victorian walkups. With tree lined streets intermixed with busy bar and shopping distance, all with access to mass transit and Chicago s popular lakefront trail, it s no wonder this submarket ranks near the top in rents and occupancy in Chicago. INVESTMENT HIGHLIGHTS Good long-term rental sustainability Minimal deferred maintenance CONDO -quality finishes Takes advantage of Wrigleyville facelift and Southport Corridor emergence No inventory delivered in last four quarters the lowest supply of Chicago submarkets Occupancy 2nd highest submarket in Chicago Rents 3rd highest submarket in Chicago The Property s proximity to area recreation and transportation is excellent: CTA Bus Lake Lake Shore CTA L Red/Brown Chicago Immediate Immediate Immediate miles 4 miles Walkers Paradise 93 Excellent Transit 84 SOURCE.

7 Bikeable 84 EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 3 PROPERTY DETAILS PROPERTY ADDRESS 628-634 W Roscoe Street Chicago, Illinois 60657 Cook County YEAR BUILT 1925/2001 TYPE Garden Courtyard PARKING 0 Spaces BUILDING EXTERIOR Brick Solid Masonry Construction UNIT DETAILS DWELLING UNITS 22 UNIT MIX Sixteen 1 bed / 1 bath 600 SF Three 2 bed / 1 bath 700 SF Three 2 bed / 2 bath 800 SF UNIT AMENITIES 9 FT Ceilings Granite Countertops Stainless Steel Appliances ASSESSOR PARCEL NUMBERS 628 W Roscoe St 14-21-304-037-1001 thru -1006 630 W Roscoe St 14-21-304-037-1007 thru -1013 632 W Roscoe St 14-21-304-037-1014 thru -1016 634 W Roscoe St 14-21-304-037-1017 thru -1022 EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO.

8 IL | Offering Memorandum COLLIERS INTERNATIONAL P. 4 Rent Roll & Unit Mix IN PLACE RENTAL RATES & PROFORMA RENTAL SUMMARY 628-634 W ROSCOE RENTED UNITS UNIT LEASE EXP TYPE MARKET RENT ACTUAL RENT 628 1N 5/31/17 1 Bed+ /1 Bath $1,700 $1,575 628 2N 3/31/17 1 Bed+ /1 Bath $1,700 $1,600 628 3S 11/30/17 1 Bed+ /1 Bath $1,700 $1,675 630 1N 6/1/17 1 Bed+ /1 Bath $1,700 $1,500 630 2N 7/31/17 1 Bed+ /1 Bath $1,700 $1,550 $1,700 $1,580 628-634 W ROSCOE PROFORMA RENTS TYPE QUANTITY MARKET RENT SQUARE FEET RENT/SF 1 Bed+ / 1 Bath 16 units $1,700 600 $ 2 Bed / 1 Bath 3 units $2,100 700 $ 2 Bed / 2 Bath 3 units $2,250 800 $ $1,830 641 $ EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P.

9 5 Exterior Photographs EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 6 Unit Photographs EXECUTIVE SUMMARY 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 7 Area Map Offering Memorandum 624-638 W Roscoe Chicago, Illinois > Market Overview MARKET OVERVIEW 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 9 Market Rent Survey ONE BEDROOMS PROPERTY SF MARKET RENT MARKET RENT/SF The Van der Rohe 690 $1,730 $ The Van der Rohe 690 $1,695 $ Belmont by Reside 555 $1,595 $ Belmont by Reside 629 $1,726 $ Belmont by Reside 638 $1,865 $ Reside on Barry 612 $1,600 $ Hawthorne House 860 $1,910 $ 3130 N LSD 650 $1,675 $ Halsted Flats 590 $1,892 $ Reside on Surf 628 $1,555 $ Reside on Surf 653 $1,535 $ Reside 707 666 $1,573 $ Reside 707 673 $1,622 $ Average 656 $1,690 $ TWO BEDROOMS PROPERTY SF MARKET RENT MARKET RENT/SF The Van der Rohe 775 $2,375 $ Belmont by Reside 1,068 $2,603 $ 3130 N LSD 950 $2.

10 273 $ Reside on Barry 805 $2,186 $ Maynard at Elaine 760 $1,897 $ Maynard at Elaine 947 $2,325 $ Average 884 $2,277 $ MARKET OVERVIEW 628-634 W ROSCOE STREET CHICAGO, IL | Offering Memorandum COLLIERS INTERNATIONAL P. 10 Comparable Property Sales RECENT MULTIFAMILY SALES DATE PROPERTY UNITS SF TOTAL PRICE ($) PRICE PER SF ($) PRICE PER UNIT CAP RATE 6-16 1201 W Addison 12 43,560 $3,600,000 $ $300,000 - 5-16 525 W Barry 16 15,708 $3,625,100 $ $226,568 - 12-15 445 W Barry 110 94,520 $30,000,000 $ $272,727 - 11-15 530 W Aldine 67 52,075 $13,735,000 $ $205,000 - 11-15 855 W Grace 12 11,175 $3,030,000 $ $252,500 11-15 510 W Belmont 277 307,368 $64,629,500 $ $233,319 - 10-15 924 W Newport 23 13,800 $3,230,000 $ $140,434 - 10-15 3161 N Orchard 19 13,719 $6,275,500 $ $330,289 9-15 1050 W George 46 46,000 $8,500,0000 $ $184,782 - 7-15 926 W George 13 11,264 $3,800,000 $ $292,307 6-15 700 W Grace 16 18,450 $4,909,000 $ $306,812 - 6-15 3402 N Elaine 174 220.