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201 EXECUTIVE SUMMARY / PROJECT OVERVIEW <br />Creative Village ApartmentsOrlando, FloridaArchitect Baker Barrios 14 Floors / 409 Units Residential 305,067 RSF Retail 6,500 RSF Total Cost $107.3 Million <br />PROJECT TYPE <br />Luxury Rentals <br />CONTRACTOR <br />Brasfield & Gorrie <br />DEVELOPMENT PARTNERS <br />The Allen Morris Company <br />Ustler Development, Inc. <br />LIMITED PARTNERS <br />TBD <br />EQUITY MULTIPLE* <br />2.17x <br />RETURN ON COST* <br />6.36% <br />EQUITY* <br />$37.6M <br />DEBT* <br />$67.7M <br />CAP RATE* <br />5.25% <br />Parcel M <br />First Unit DeliveredStart Construction Certificate of <br />Occupancy <br />DEVELOPMENT TIMELINE <br />Estimated Disposition <br />Q3 2018 Q2 2020 Q3 2020 Q3 2022 <br />LENDERS <br />TBD <br />SITE <br />1.60 Acres <br />MANAGEMENT COMPANY <br />TBD <br />PROJECT IRR* <br />23.7% <br />*Investment assumptions: <br /> - 65% Debt; LTC construction loan at 5% interest rate <br /> - 35% Equity <br /> - 4-year investment hold period <br />Orlando CBD <br />Conceptual rendering of Creative Village master development; view looking Southeast