Boston College Housing Portfolio

BOSTON COLLEGE PORTFOLIOGRIFFITH | PEPDJONOVIC

INVESTMENT SUMMARYThe Boston College Student Portfolio is comprised of 2 buildings fully leased to Boston College Students. 62-64 Kirkwood Road is a5,566 SF two-unit apartment building and 295 Foster Street is a 2,881 SF single-family.Boston College is a private research university located in the affluent village of Chestnut Hill, Massachusetts. The university hasmore than 9,300 full-time undergraduates and nearly 5,000 graduate students. Boston College offers bachelor’s degrees, master’sdegrees, and doctoral degrees through its nine schools and colleges.Boston College tied in 38th among national universities and 421st among global universities in U.S. News & World Report’s“America’s Best Colleges 2018” rankings. In 2018, Boston College was ranked America’s 50th top college by Forbes. In 2014, theundergraduate school of business, the Carroll School of Management, placed 4th in an annual ranking of US undergraduatebusiness schools by Bloomberg Businessweek.

62-64 KIRKWOOD STREET 295 FOSTER STREETPROPERTY DETAILS 5,566 PROPERTY DETAILS 2,881 2 1Size (SF) Size (SF)Units 14,519 SF Units 4,950 SFLot Size $264,000 Lot Size $168,0002018-2019 Gross Rent $276,000 2018-2019 Gross Rent $168,0002019-2020 Gross Rent 2019-2020 Gross Rent

DOWNTOWN SOUTH BOSTON 62 KIRKWOOD ROADCAMBRIDGE ALLSTONBRIGHTON 295 FOSTER STREETBOSTON COLLEGE HOUSING PORTFOLIO 4

AREA MAP BROOKLINE CHESTNUT HILL WALSH HALL ALUMNI STADIUM SCHOOL OF SOCIAL WORKSTAYER HALL SCHOOL OF EDUCATIONBOSTON BAPST LIBRARY SCHOOL OF MANAGEMENTCOLLEGE GRIFFITH | PEPDJONOVIC 5

BOSTON 14,500 4,200 STAFFCOLLEGE STUDENTS

$54,600 #19 $134M TUITION BEST VALUE AID AWARDED KIPLINGER 2017-2018

GREATER BOSTON METRO Steeped in history, the Boston metro spans 4,128 square miles across Essex, Middlesex, Norfolk, Plymouth and Suffolk counties in Massachusetts, and Rockingham and Strafford counties in southeastern New Hampshire. The region is home to approximately 4.8 million individuals and accounts for nearly 70 percent of all Massachusetts’ residents. Boston is the most populous city in the metro with roughly 675,200 citizens. It is located along the Atlantic seaboard and fronts Boston Harbor. Boston has transitioned from a manufacturing hub to one of the top innovation, healthcare and education centers of the world. The metro is home to a thriving startup ecosystem, with medical research at world-renowned institutions such as Harvard and MIT at its core.BOSTON COLLEGE HOUSING PORTFOLIO 8

4.8M $82K #3GREATER BOSTON HOUSEHOLD INCOME HIGHEST INCOME PER POPULATION IN GREATER BOSTON CAPITA IN THE US1.9M 3.1% 500KGREATER BOSTON UNEMPLOYMENT COLLEGE STUDENTS IN HOUSEHOLDS RATE GREATER BOSTON 100+ 16M+ 36MLEADING EDUCATION VISITORS TO BOSTON PASSENGERS OUT INSTITUTIONS AND CAMBRIDGE OF LOGAN AIRPORT 130+ #1 HOSPITALS IN STATE IN THE US BY GREATER BOSTON US NEWS AND WORLD REPORT GRIFFITH | PEPDJONOVIC 9

FINANCIALSPRICING DETAILS $4,000,000 RETURNS 2018-2019 2019-2020 3Price Returns 8.52% 8.81%Number of Units $1,333,333 CAP Rate 9.26 9.01Price Per Unit $473.54 GRM 8.52% 8.81%Price Per Sqft 8,447 Cash-on-CashRentable SqFtLot Size 0.45 AcresDETAILED RENT ROLLUnit Square Feet 2018-2019 Rent/Month 2019-2020 Rent/Month1 2,783 $11,000 $11,5002 2,783 $11,000 $11,5001 2,881 $14,000 $14,000Total 8,447 $36,000 $37,000Annual $432,000 $444,000BOSTON COLLEGE HOUSING PORTFOLIO 10

OPERATING STATEMENT 2018-2019 2019-2020 Per Unit Per SFIncome $432,000 $444,400 $148,000 $52.56Gross Scheduled Rent 2018-2019 2019-2020 Per Unit Per SFOperating Expenses $28,989 $28,989 $9,663 $3.43 $6,097 $6,097 $2,032 $0.72Real Estate Taxes $5,400 $5,400 $1,800 $0.64Insurance $21,578 $21,578 $7,193 $2.55Utilities - Electric $7,500 $7,500 $2,500 $0.89Utilities - Water & Sewer $21,600 $22,200 $7,400 $2.63Repairs & Maintenance $91,164 $91,764 $30,588 $10.86Management Fee 21.1% 20.7%Total Expenses $340,836 $352,236 $117,412 $41.70Expenses as % of EGINet Operating Income GRIFFITH | PEPDJONOVIC 11

Marcus & MillichapOUR FIRMIn Boston, and across the country, Marcus & Millichap is an industry leaderdue to the quality of our research and the depth and breadth of our team. Our powerfulnational platform exposes each property to the largest pool of qualified investors andenables us to annually close the largest number of real estate investment transactionsnationally. 2017 Numbers 8,995 1,819+ 1,652 $47.4B VOLUMETRANSACTIONS PROFESSIONALS CAPITAL MARKET TRANSACTIONS OVER 80 Offices in U.S. & CanadaBOSTON COLLEGE HOUSING PORTFOLIO 12

3,500+ 1031 #1 TEAMUNITS SOLD EXCHANGE SPECIALISTS BOSTON OFFICE (2016-2018)GRIFFITH | PEPDJONOVICEvan Griffith and Tony Pepdjonovic lead the top-producing team in the Boston Marcus & Millichap office. Evan andTony have formed a collaborative investment sales team focusing on the New England market. They are dedicated tobeing relationship-oriented with the crux of the team’s focus on multi-family, mixed-use buildings as well as guidingclients through the 1031 exchange process.The team’s foremost goal is to exceed the expectations of each client, deliver superior results and solidify stronglifetime relationships. Griffith & Pepdjonovic are known for their honesty and integrity and take pride in their manyrepeat clients. GRIFFITH | PEPDJONOVIC 13

BOSTONCOLLEGEPORTFOLIOPRESENTED BY: GRIFFITH | PEPDJONOVIC EVAN GRIFFITH TONY PEPDJONOVIC First Vice President Investments Senior Associate Boston Office Boston Office Tel: 617.896.7221 Tel: 617.896.7277 Fax: 617.701.7019 Fax: [email protected] [email protected]