Boho Omdraft 051618r

THE FUTURE OF MULTIFAMILY IS AT BOHO4W NOW
A CBRE SOUTHEAST MULTIFAMILY OPPORTUNITY
www.cbremarketplace.com/boho4w
01. QUICK LOOK
7
02. INVESTMENT NUMBERS
11
03. INVESTMENT STORY
Demographic of the Future 21
Location of the Future 29
Property of the Future 45
04. PROPERTY
57
05. MULTIFAMILY MARKET
77
CONTENTS
THE FUTURE OF MULTIFAMILY IS AT BOHO4W NOW
DRAFT / 05-16-14
4 / BOHO4W
COMMUNICATION
All communication, inquiries and requests should be
addressed to the CBRE Team, as representatives of the Seller.
Management at the property should not be contacted directly.
PROPERTY VISITS
Interested investors are required to schedule a time to meet
with the CBRE team to tour the asset and discuss the merits
of the offering. Please contact a member of the marketing
team with any questions.
DOCUMENT CENTER
Investors agreeing to the terms and conditions set forth in
the confdentiality agreement can expect an invitation to a
password protected document center containing electronic
forms of the offering memorandum, operating statements,
rent roll, and other information that should be useful in your
evaluation of the property.
For questions regarding the document center please contact
Rhonda Masterson at 404.923.1430.
www.cbremarketplace.com/boho4w
MALCOLM McCOMB
404.923.1421
[email protected]
PAUL BERRY
404.923.1425
[email protected]
KEVIN GEIGER
404.923.1422
[email protected]
JOHN WHITLOW
404.923.1423
[email protected]
COLLEEN HENDRIX
404.923.1455
[email protected]
CBRE ATLANTA
3280 Peachtree Road NE
Suite 1400
Atlanta, Georgia 30305
404.504.7900 main
404.923.1560 fax
www.cbre.com/mhg
CBRE CONTACTS
A CBRE SOUTHEAST MULTIFAMILY OPPORTUNITY
5 01. QUICK LOOK /
A CBRE SOUTHEAST MULTIFAMILY OPPORTUNITY
6 / BOHO4W
01. QUICK LOOK
7 01. QUICK LOOK /
BOHO4W is a visionary new property adjacent
to Historic Fourth Ward Park (H4WP) on the
BeltLine’s Eastside Trail. It is also a forward-
thinking investment that is poised to outperform
the market. From its location in the fast evolving
Old Fourth Ward, to its cutting edge fiber to the
unit (FTTU) broadband infrastructure, BOHO4W
is positioned to seize the future.
“I look to the future because that’s where
I’m going to spend the rest of my life.”

~ George Burns
THE FUTURE OF MULTIFAMILY IS AT BOHO4W NOW
PROPERTY SUMMARY
Units 276
Rentable SF (gross) 246,464
Rentable SF (heated) 232,234
Average Unit Size (gross) 893
Average Unit Size (heated) 841
Year Completed 2014
Current Average Rent (5/4/14) $1,534
Current Average Rent/SF (heated) $1.82
% Leased (5/4/14) 56%

477 WILMER STREET NE - ATLANTA, GA 30308
8 / BOHO4W
Demographic
of the Future
Location
of the Future
Product
of the Future
What if the country’s rental population
is about to change dramatically, is your
asset an exact match for the way the
new population wants to live?
To understand the power of BOHO4W, it
is important to understand how rapidly the
future of multifamily will be changing.
In a short 11 years, Generation Y, the
cohort between ages 10 and 32, will
account for 75% of the workforce.
BOHO4W understands what this game-
changing demographic group wants
and BOHO4W delivers.
What if the same property is also
in the sweet spot of an extensive
urban renewal project, one that will
supercharge growth for decades?
Core Neighborhood
The Old Fourth Ward (O4W) neighborhood,
once considered “edgy,” has reached core
status in recent years. Anchored by Virginia
Highlands and Inman Park, this pocket is
rock solid with demand.
Location Infection Point
Atlanta’s BeltLine is still in its infancy.
While the Eastside Trail and Historic Fourth
Ward Park have served as the catalyst for a
remarkable transformation, more is yet to
come. It’s still early in terms of ”getting in
on the action”. Demand is about to surge.
Superior Site
BOHO4W “got in early” and secured one
of the best locations along the BeltLine,
a spot surrounded by authentic amenities
and situated on the “front row” of Historic
Fourth Ward Park (H4WP).
Later developments will have to stake
claims on lesser locations, if they can
secure land at all.
What if you invest in a new property
that has a technology advantage so
ahead-of-the-game, that it will deliver
a better resident profile, increase rents,
and reduce turnover for years to come?
Gigabit Internet Speed:
100x Faster than Cable
BOHO4W’s investment in FTTU broadband
infrastructure allows BOHO4W to deliver
content faster than any property in Atlanta.
It is a rare frst-mover advantage that has
helped BOHO4W attract the right target
residents from the start. What’s more,
the technology competitive advantage
supports higher rents and better retention.
Forward-Looking Design of Unit Interiors
Residents “live large” with well-designed,
open foorplans with quality storage space
incorporated in each unit. They also
appreciate details like skyline and H4WP
views, granite and quartz countertops, 9’
and 10’ ceiling heights, and other upscale
fnishes.
Spectacular Amenities that Build
Community
BOHO4W is the only property on the
BeltLine with a pool overlooking Historic
Fourth Ward Park. A pool cabana room,
art studio and outdoor lounge area offer
plenty of social spaces.
9 01. QUICK LOOK /
BOHO4W
Single Family Homes
and Townhomes
$450,000-$700,000
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Glen Iris Drive
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Highland Dog
Training
Ponce City
Market
GA Power
Equipment Yard
Downtown: 118,000 Jobs
Midtown: 81,000 Jobs
Single Family Homes
$250,000-$450,000
The Masquerade
Concert Venue
Whole Foods
Market
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Single Family Homes
$500,000-$1.3M
Historic Old 4th
Ward Park
Future Entrance
to Beltline
BOHO4W
Single Family Homes
and Townhomes
$450,000-$700,000
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Glen Iris Drive
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Highland Dog
Training
Ponce City
Market
GA Power
Equipment Yard
Downtown: 118,000 Jobs
Midtown: 81,000 Jobs
Single Family Homes
$250,000-$450,000
The Masquerade
Concert Venue
Whole Foods
Market
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Single Family Homes
$500,000-$1.3M
Historic Old 4th
Ward Park
Future Entrance
to Beltline
BOHO4W is located on the Historic Fourth Ward Park, overlooking the park’s amphitheater,
lake and walking trails. The property is walkable to Ponce City Market, the Eastside Trail
of the Atlanta BeltLine, and many restaurants, barsand nightlife.
AERIAL IN PRODUCTION - FPO
10 / BOHO4W
02. INVESTMENT NUMBERS
11 02. INVESTMENT NUMBERS /
Investment Summary
PROPERTY SUMMARY
Units 276
Rentable SF (gross) 246,464
Rentable SF (heated) 232,234
Average Unit Size (gross) 893
Average Unit Size (heated) 841
Year Completed 2014
Current Average Rent (5/4/14) $1,534
Current Average Rent/SF (heated) $1.82
% Leased (5/4/14) 56%

UNIT MIX SUMMARY
Gross / Rentable SF Net / Heated SF
Floorplan Unit Type # Units % of Mix Current Rent Total Rent Unit Area Total Area Rent/SF Unit Area Total Area Rent/SF
A1 1BR - 1BA 70 25.4% $1,304 $91,290 687 48,090 $1.90 637 44,590 $2.05
A1b 1BR - 1BA 6 2.2% 1,438 8,625 904 5,424 1.59 854 5,124 1.68
A2 1BR - 1BA 94 34.1% 1,383 129,955 780 73,320 1.77 730 68,620 1.89
A2b 1BR - 1BA 8 2.9% 1,563 12,500 1,038 8,304 1.51 988 7,904 1.58
A3 1BR - 1BA 1 0.4% 1,540 1,540 885 885 1.74 823 823 1.87
A5 1BR - 1BA 20 7.2% 1,672 33,440 972 19,440 1.72 922 18,440 1.81
A6 1BR - 1BA 2 0.7% 2,143 4,285 1,012 2,024 2.12 972 1,944 2.20
B1 2BR - 2BA 16 5.8% 1,745 27,915 1,057 16,912 1.65 1,007 16,112 1.73
B2 2BR - 2BA 24 8.7% 1,905 45,710 1,215 29,160 1.57 1,153 27,672 1.65
B3 2BR - 2BA 10 3.6% 1,821 18,210 1,164 11,640 1.56 1,124 11,240 1.62
B4 2BR - 2BA 15 5.4% 1,891 28,370 1,193 17,895 1.59 1,143 17,145 1.65
B5 2BR - 2BA 10 3.6% 2,153 21,525 1,337 13,370 1.61 1,262 12,620 1.71
Total 276 100.0% $1,534 $423,365 893 246,464 $1.72 841 232,234 $1.82
12 / BOHO4W
STABILIZED PRO FORMA MONTHLY REVENUE

FY1 FY2 FY3
Current Market Rents $423,365 $440,299 $457,911
Rent Increase (Market) 4.0% 4.0% 4.0%
Scheduled Market Rents $440,299 $457,911 $476,228
Loss to Lease 2.0% 2.0% 2.0%
Gross Potential Rent $431,493 $448,753 $466,703
Vacancy Loss 5.0% 5.0% 5.0%
Concessions 0.0% 0.0% 0.0%
Bad Debt Loss 0.3% 0.3% 0.3%
Non-Revenue Units 0.8% 0.8% 0.8%
Net Rental Income $405,421 $421,672 $438,575
Utility Reimbursements 19,279 3.0% 3.0%
Parking & Storage Income 6,250 3.0% 3.0%
Broadband Income 11,183 3.0% 3.0%
Other Income 9,795 3.0% 3.0%
Total Income $451,929 $469,575 $487,914

ANNUAL EXPENSES PER UNIT

FY1 FY2 FY3
Payroll $1,241 $1,272 $1,304
Gas & Electric 302 309 317
Water & Sewer 685 702 719
Trash Removal 204 209 214
Repairs & Maintenance 250 256 263
Turnover Related 175 179 184
Landscaping 115 118 121
Marketing & Advertising 250 256 263
General & Administrative 200 205 210
Broadband Service 660 677 693
Controllable Expenses $4,082 $4,184 $4,288
Management Fee 491 510 530
Taxes 2,736 2,804 2,874
Insurance 190 195 200
Total Operating Expenses $7,499 $7,693 $7,892
Replacement Reserves 150 175 200
Total Expenses $7,648 $7,868 $8,092
Financial Analysis
13 02. INVESTMENT NUMBERS /
STABILIZED PRO FORMA

FY1 FY1/Unit FY2 FY3 FY4 FY5 FY6 FY7 FY8
Current Market Rents $5,080,377 $18,407 $5,283,592 $5,494,935 $5,714,733 $5,914,748 $6,121,764 $6,336,026 $6,557,787
Rent Increase (Market) 203,215 736 211,344 219,797 200,016 207,016 214,262 221,761 229,523
Scheduled Market Rents $5,283,592 $19,143 $5,494,935 $5,714,733 $5,914,748 $6,121,764 $6,336,026 $6,557,787 $6,787,310
Loss to Lease (105,672) (383) (109,899) (114,295) (103,508) (107,131) (110,880) (114,761) (118,778)
Gross Potential Rent 5,177,920 18,761 5,385,037 5,600,438 5,811,240 6,014,634 6,225,146 6,443,026 6,668,532
Vacancy Loss (258,896) (938) (269,252) (280,022) (290,562) (300,732) (311,257) (322,151) (333,427)
Concessions - - - - - - - - -
Bad Debt Loss (12,945) (47) (13,463) (14,001) (14,528) (15,037) (15,563) (16,108) (16,671)
Non-Revenue Units (41,023) (149) (42,253) (43,521) (44,827) (46,171) (47,557) (48,983) (50,453)
Net Rental Income $4,865,056 $17,627 $5,060,069 $5,262,894 $5,461,323 $5,652,694 $5,850,769 $6,055,784 $6,267,981
Utility Reimbursements 231,343 838 238,283 245,432 252,795 260,379 268,190 276,236 284,523
Parking & Storage Income 75,000 272 77,250 79,568 81,955 84,413 86,946 89,554 92,241
Broadband Income 134,201 486 138,227 142,374 146,645 151,044 155,576 160,243 165,050
Other Income 117,544 426 121,070 124,702 128,444 132,297 136,266 140,354 144,564
Total Income $5,423,144 $19,649 $5,634,900 $5,854,970 $6,071,161 $6,280,827 $6,497,746 $6,722,170 $6,954,359
Payroll $342,514 $1,241 $351,077 $359,854 $368,850 $378,071 $387,523 $397,211 $407,142
Gas & Electric 83,280 302 85,362 87,496 89,683 91,926 94,224 96,579 98,994
Water & Sewer 188,988 685 193,713 198,556 203,519 208,607 213,823 219,168 224,647
Trash Removal 56,304 204 57,712 59,154 60,633 62,149 63,703 65,295 66,928
Repairs & Maintenance 69,000 250 70,725 72,493 74,305 76,163 78,067 80,019 82,019
Turnover Related 48,300 175 49,508 50,745 52,014 53,314 54,647 56,013 57,414
Landscaping 31,800 115 32,595 33,410 34,245 35,101 35,979 36,878 37,800
Marketing & Advertising 69,000 250 70,725 72,493 74,305 76,163 78,067 80,019 82,019
General & Administrative 55,200 200 56,580 57,995 59,444 60,930 62,454 64,015 65,615
Broadband Service 182,160 660 186,714 191,382 196,166 201,071 206,097 211,250 216,531
Controllable Expenses $1,126,546 $4,082 $1,154,710 $1,183,577 $1,213,167 $1,243,496 $1,274,583 $1,306,448 $1,339,109
Management Fee 135,579 491 140,872 146,374 151,779 157,021 162,444 168,054 173,859
Taxes 754,999 2,736 773,874 793,221 813,051 833,378 854,212 875,567 897,457
Insurance 52,440 190 53,751 55,095 56,472 57,884 59,331 60,814 62,335
Total Operating Expenses $2,069,564 $7,498 $2,123,207 $2,178,267 $2,234,469 $2,291,778 $2,350,570 $2,410,884 $2,472,759
Replacement Reserves 41,400 150 48,300 55,200 56,580 57,995 59,444 60,930 62,454
Total Expenses $2,110,964 $7,648 $2,171,507 $2,233,467 $2,291,049 $2,349,773 $2,410,015 $2,471,814 $2,535,213
Net Operating Income $3,312,180 $12,001 $3,463,393 $3,621,502 $3,780,112 $3,931,054 $4,087,731 $4,250,356 $4,419,146
14 / BOHO4W
Financial Analysis
The market appeal of BOHO4W is demonstrated by its incredibly strong lease-up.
• Move-ins averaging nearly 29 units/month since February 2014
• Rising Lease rates throughout lease-up period
• Higher Loss-to-Lease on early move-ins as a result of increasing Market Rents.
OCCUPIED UNITS
Move-In Date # Units Avg Size (SF) Avg Market Rent Avg Actual Rent Avg Actual Rent/SF Avg LTL LTL %
Jan. '14 12 925 $1,496 $1,409 $1.52 ($88) -5.9%
Feb. '14 23 913 $1,576 $1,468 $1.61 ($108) -6.9%
Mar. '14 25 878 $1,523 $1,441 $1.64 ($82) -5.4%
April '14 31 873 $1,505 $1,457 $1.67 ($48) -3.2%
Through May 3, 2014 6 834 $1,514 $1,473 $1.77 ($41) -2.7%
FUTURE MOVE-INS
Move-In Date # Units Avg Size (SF) Avg Market Rent Avg Actual Rent Avg Actual Rent/SF Avg LTL LTL %
May '14 30 862 $1,476 $1,445 $1.68 ($31) -2.1%
June '14 14 858 $1,448 $1,418 $1.65 ($30) -2.1%
July '14 9 854 $1,428 $1,399 $1.64 ($29) -2.0%
Aug. '14 1 972 $1,459 $1,459 $1.50 $0 0.0%
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Move-In Date
15 02. INVESTMENT NUMBERS /
16 / BOHO4W
Non Revenue Units
Non-Revenue Units currently consist of two model units and four
employee discount units.
NON REVENUE UNITS
Unit Type Use
Current
Market Rent
Discount
Model Units
2113 B2 Model $1,850 100%
2116 A2 Model $1,325 100%
Employee Units
2105 A3 Courtesy Offcer $1,540 $755
2216 A2 Employee $1,330 100%
2313 B2 Employee $1,840 100%
2318 A2 Employee $1,335 100%
FY1 projections assume that employee units are discontinued.
Utility Reimbursement Income
Residents pay for valet trash collection and reimburse the property
for their water/sewer consumption.
FY1 Utility Reimbursement Income is projected using a 95% recapture
ratio of gross water/sewer expenses, plus $18/unit monthly valet trash
collection fee.
UTILITY REIMBURSEMENT INCOME
Collection
%
Monthly/
Unit
Monthly Annual
Annual/
Unit
Water/Sewer Expense - Units $50.00 $13,800 $165,600 $600
Billing Fee $5.25 $1,449 $17,388 $63
Total Reimbursable
Water/Sewer
$55.25 $15,249 $182,988 $663
Water/Sewer
Reimbursements
95% $47.50 $13,110 $157,320 $570
Billing Fee 100% $5.25 $1,449 $17,388 $63
Valet Trash Collection 95% $18.00 $4,720 $56,635 $205
Total Utility Reimbursement Income $231,343 $838
Underwriting Notes
INCOME CATEGORIES
Current Market Rents
As of the May 5, 2014 rent roll, current market rents at BOHO4W were
$1,534 per unit ($1.82 per heated SF / $1.72 per gross SF). Monthly
Market Rent totals $423,365 as of the 5/5/2014 rent roll.
Rent Increase
Market Rent growth of 4.0% is projected in FY1 through FY3, and 3.5%
thereafter. Resulting FY1 market rent is $1,595/unit and $1.90 per
heated SF).
Loss To Lease
Loss to Lease represents the difference between Market Rent and actual
rent. As a result of projected Market Rent increases, FY1 Loss to Lease is
projected to equal 2% of projected Market Rent. This results in projected
Gross Potential Rent (GPR) of $1,563 per month ($1.86 per SF).
Vacancy Loss
Vacancy Loss equal to 5% of Gross Potential Rent is projected
throughout the analysis period.
Concessions
The property has offered limited up-front concessions on an as-needed
basis during construction. Upfront concessions were only offered to
residents whose unit was not ready by the move-in date. Only two
units have recurring concessions totaling $106 per month:
• Unit 2208 – Concession of $56/month was offered to offset
resident’s storage fees.
• Unit 2501 – Concession of $50/month offered due to leasing
banner on building exterior covering window.
Bad Debt Loss
Bad Debt Loss of 0.25% of GPR is projected throughout the analysis
period.

17 02. INVESTMENT NUMBERS /
the property’s broadband service provider. The property receives a 5%
revenue share of upgrade charges.
This stabilized pro forma projects that the property begins charging
residents $40/month for the base 50Mbps internet service. The Flats
at Ponce City Market currently charges $40/month for 20Mbps internet
service. FY1 Broadband Income is projected as follows:
BROADBAND INCOME
Service
Monthly
Rate
Pene-
tration
Total
Monthly
Annual Royalty
Annual
Income
Per
Unit
Base Internet
(50 Mbps), TV
$40.00 95% $10,488 $125,856 N/A $125,856 $456
Ultimate Internet
(100 Mbps)
$29.99 35% 2,897 34,764 5% 1,738 6
Gigabit Internet
(1Gbps)
$99.99 30% 8,279 99,350 5% 4,968 18
HBO $18.99 10% 524 6,289 5% 314 1
Digital TV Package $39.99 20% 2,207 26,489 5% 1,324 5
Total $134,201 $486
Parking/Storage Income
The property does not currently charge residents for parking. There is
opportunity to implement a reserved parking program – particularly in
the podium building fronting Old 4th Ward Park. The Flats at Ponce
City Market charges residents $75/month for parking. FY1 projections
assume 50 reserved spaces at a monthly rate of $50.
FY1 projections assume 50 storage units at an average monthly rent of
$75.
PARKING AND STORAGE INCOME
Monthly Rate # Spaces Monthly Annual Annual/Unit
Reserved Parking $50.00 50 $2,500 $30,000 $109
Storage Units $75.00 50 $3,750 $45,000 $163
Total $75,000 $272
Broadband Income
Thus far during lease-up, the property has offered basic internet
(50 Mbps) and a basic TV channel line-up included in monthly rent.
Residents have the option to upgrade internet service (to 100 Mbps
or 1Gbps), TV package and to add VoIP telephone through Hotwire,
Other Income
Other Income includes application fees, pet fees and rent, month-to-month fees, transfer fees, etc. FY1 Other Income is projected as shown in the table below:
OTHER INCOME
Fee/Rate Quantity Monthly Annual Annual/Unit Assumptions
MTM $150 12 $1,800 $21,600 $78 12 per month
Washer/Dryer 25 100 2,500 30,000 109 Property to provide W/D sets in 100 units
Admin Fees 125 138 1,438 17,250 63 50% turnover
Application Fees 50 159 661 7,935 29 50% turnover, 1.15 applicants per move-in
Pet Fee (NR) 350 35 1,006 12,075 44 25% of turned units have pets
Pet Rent 10 69 690 8,280 30 25% of units have pets
Termination fee (1 month rent) 1,534 6 767 9,204 33 6 terminations/year
Transfer fee 500 8 333 4,000 14 8 transfers/year
Late/NSF Fee 50 48 200 2,400 9 4 per month
Damage Fees 100 48 400 4,800 17 4 per month
Total $5,495 $117,544 $426
18 / BOHO4W
Water & Sewer
This line item represents gross water and sewer expenses before
resident reimbursements. Residents reimburse the property based upon
submeter readings of actual consumption. This line item also includes
third-party billing fees paid by the property, which are then passed
through to residents.

WATER/SEWER EXPENSE
Monthly/Unit Monthly Annual Annual/Unit
Water/Sewer Expense - Units $50.00 $13,800 $165,600 $600
Water/Sewer Expense - Common Areas $500 $6,000 $22
Billing Fee $5.25 $1,449 $17,388 $63
Total $15,749 $188,988 $685
Trash Removal
This line item represents net trash collection expenses before resident
reimbursements. Residents are charged a monthly trash collection fee
of $18, which is billed as income.
FY1 Trash Collection expenses are based upon a monthly expense
of $17/unit.
Repairs And Maintenance
FY1 Repairs and Maintenance are projected at $250/unit, in line with
market levels for new Class AA midrise properties.
Turnover Related
Turnover expenses are projected at $175/unit, based upon a cost of $350
to turn each unit and a 50% turnover ratio.
Landscaping
This category includes landscaping contract and supplies FY1 Landscaping
and Contract Services expense is projected based on a monthly
landscaping contract of $1,900 and annual expenses of $5,000
for seasonal color and $4,000 for mulch.
Marketing And Advertising
Projected Marketing and Advertising expenses refect stabilized
operations, which are lower than during initial lease-up. FY1 Marketing
and Advertising expenses are projected at $69,000 ($250/unit).
Underwriting Notes
EXPENSE CATEGORIES
Payroll
FY1 Payroll expenses project a stabilized staffng level of 3 offce and
3 maintenance personnel. FY1 Payroll expense is projected as shown in
the table below.
The rates shown below are based upon predominant wage rates in
metro Atlanta and do not represent the actual wage rates paid to
current staff at BOHO4W.
PAYROLL
Position Salary Bonus
Burden
@24%
Total
Manager $55,000 $5,500 $14,521 $75,021
Leasing Consultant (2) $72,000 $14,400 $20,736 $107,136
Subtotal - Offce $127,000 $19,900 $35,257 $182,157
Maintencance Supervisor $55,000 $14,400 $20,736 $72,292
Maintenance Technician $43,000 $3,300 $13,992 $56,519
Housekeeper $24,000 $2,580 $10,939 $31,546
Subtotal -Maintenance $122,000 $20,280 $45,667 $160,357
Total Payroll $249,000 $40,180 $80,924 $342,514
Electricity
Electricity expenses include vacant unit and common area utility
expenses.
FY1 Electricity expense is projected based on common area expense
of $6,250/month and a monthly vacant unit expense of $50/unit (and
5% vacancy rate).
19 02. INVESTMENT NUMBERS /
Projected FY1 Real Estate Tax expense for BOHO4W is based upon a
projected Fair Market Value of $155,000 per unit ($184 per heated SF).
On a per-unit basis, the projected stabilized FMV for BOHO4W is above
the top end of the comparable range. On a per-SF basis, the projected
FMV is 24% above the top end of the range.
FY1 Real Estate Tax expense is projected as follows:
REAL ESTATE TAXES
Total Per Unit Per SF
Fair Market Value $42,780,000 $155,000 $184
Assessment Ratio 40%
Assessed Value $17,112,000 $62,000 $74
Millage Rate 0.044121
Real Estate Tax $754,999 $2,736 $3
Insurance
FY1 Insurance expense is projected at $190/unit ($0.23 per heated SF),
in line with market levels for newly-built Class AA midrise Atlanta
properties.
Replacement Reserves
Replacement Reserves are projected at $150/unit in FY1, $175/unit
in FY2, $200/unit in FY3, and infation-adjusted thereafter.
General & Administrative
FY1 G&A expenses are projected in line with typical levels for stabilized
Class AA properties, at $55,200 ($200/unit).
Broadband Service
Hotwire is the property’s broadband service provider. The property pays
$55/unit per month for fber optic broadband services.
Management Fee
A Management Fee equal to 2.5% of Total Income is projected.
Real Estate Taxes
Real Estate Taxes are based upon the “Fair Market Value” of the property
as of January 1 of each year. The FMV is determined by the county’s
board of assessors.
The Georgia Constitution stipulates that ad valorem real estate taxes
“shall be uniform upon the same class of subjects within the territorial
limits of the authority levying the tax.”
The table below illustrates the 2013 FMV values for stabilized Class A
and AA properties in the Old 4th Ward and Inman Park.
REAL ESTATE TAX COMPARABLES
Property # Units 2013 FMV FMV/Unit FMV/SF
Under
Appeal
AMLI Old 4th Ward 337 $51,726,200 $153,490 $147 Y
AMLI Parkside 301 39,133,400 130,011 143 N
Block Lofts 244 32,194,000 131,943 134 N
Mariposa Lofts 253 36,467,500 144,140 148 N
Highland Walk 350 36,500,000 104,286 108 N
North Highland Steel 240 30,000,000 125,000 132 N
Total / Avg 1,725 $226,021,100 $131,027 $135
20
Demographic of the Future
Location of the Future
Property of the Future
03. INVESTMENT STORY
21 03. INVESTMENT STORY /
Demographic of the Future
The Future
Starts with “Y”
Generation Y, the generation also known as Millennials,
(now age 10 to 32) will be taking over the workforce
and taking hold of the future of multifamily.
Source: U.S. Census and Forbes, “Why You Can’t Ignore Millenials”
Today, Gen Y Represents 34% of the Workforce
In 11 Years, Gen Y will be 75% of the Workforce
“While I take inspiration from the past,
like most Americans, I live for the future.”

~ Ronald Reagan
Gen Y Lives, Works and Plays
in Different Ways than Previous Generations
22 / BOHO4W
Gen Y values unique, authentic experiences.
They appreciate products and places that have evolved
organically; and they are put off by mass marketing.
The Old Fourth Ward (O4W) neighborhood and BOHO4W’s
one-of-a-kind characteristics appeal to this cohort’s strong
desire for unique, authentic experiences.
American,
mass-marketed brands
imported brands
from around the world
unique,
local craft beers
Grandparents Parents Gen Y
“The growth of Generation Y and its impact on all sectors of
commercial real estate could be the singular most dominant
trend for many years. This group lives, works, and plays in
diferent ways than previous generations... (Generation Y)
will be very good for real estate.”

~ Urban Land Institute Emerging Trends in Real Estate 2014
23 03. INVESTMENT STORY /
Demographic of the Future
three networks on new color TVs
and vinyl records
cable TV, VCRs, DVDs
and CD players
live, uninterrupted, FAST streams
of HULU, Netflix, HBO GO, Twitch,
Spotify and Pandora
Grandparents Parents Gen Y
Gen Y’s choices for home entertainment are limitless
and they are addicted to speed.
BOHO4W is the only apartment community that can
meet their standards for Internet speed. With gigabit
speeds 100x faster than cable, BOHO4W can deliver
everything on the Internet instantly.
1GB
Gen Y Location
Wish List
Besides living in an exciting, young city like Atlanta, most new professionals
have a list of urban lifestyle experiences they want to embrace.
Wish List Item BOHO4W Delivers
Location in the center of the city P 1.4 miles from the heart of Midtown
1.5 miles from Downtown
Near creative and high-tech workspaces P Midtown is now a creative mecca
for innovative companies in high-tech
and creative professions
P Ponce City Market, a short walk,
adding 484,000 SF of offce space
with cutting-edge tech frms like
MailChimp, Cardlytics, and Athena Health
Authentic, organic restaurants,
bars and nightlife at your doorstep
P 28+ unique, local restaurants within 1 mile
P The Masquerade, a live music venue,
adjacent to H4WP
P 1.4 miles from the historic Fox Theatre
Parks and green spaces nearby P Backyard is Historic Fourth Ward Park
P Adjacent to the BeltLine’s Eastside Trail,
a 2.2-mile pathway for pedestrians and
bikes
P Piedmont Park, the city’s largest park,
is 1.3 miles north
P Freedom Park, 1.3 miles east
Access to mass transit P 1.5 miles from North Avenue MARTA
station
P Less than 1 mile from Atlanta Streetcar line
24 / BOHO4W
25 03. INVESTMENT STORY /
Demographic of the Future
26 / BOHO4W
“(A Curbed Atlanta reader) points to a trend...
That the BeltLine’s allure will become so strong, so attractive to older buyers
looking for a hip alternative to their suburban or suddenly too-large ITP
(Inside the Perimeter) homes, that single homebuyers and younger families
will be totally priced out.”

~ Excerpt from Curbed Atlanta Editorial
“Is The BeltLine’s Success Stiff-Arming Young Atlantans?” - April 2014
27 03. INVESTMENT STORY /
Demographic of the Future
Gen Y Leads the Way
for Everyone Else
Young adults are the early adopters of urban living, but other groups,
especially empty nesters, are following quickly behind. In the same
way that young people led the way with smartphones and tablets,
young adults are leading the way on new, walkable urban lifestyles.
STAGES IN ADOPTION OF URBAN LIFESTYLES
Young adults move to affordable intown neighborhoods,
helping to gentrify new areas of the city
The business community responds by creating more living
and amenity options in “hot” re-discovered areas.
Established groups like empty nesters begin to see the light.
They follow young people into the now thriving area,
driving up demand and prices.
Demand for a location on the BeltLine may “start with Y,”
but it doesn’t stop there!
As the Old Fourth Ward neighborhood quickly gentrifes, the area has
begun to see a migration of not only young adults, but also of their
baby boomer parents. Both groups want to be a part of the in-town
BeltLine action.
28 / BOHO4W
Sunbelt Growth
Everything about BOHO4W’s location is changing
and trending up – from the popularity of the Sunbelt
and growth of Atlanta rents to the emergence of the BeltLine
and development of creative new workplaces nearby.
“Change is the law of life. And those
who look only to the past or the present
are certain to miss the future.”

~ John F. Kennedy
“A look at the numbers on domestic
migration undermines the claim that most
Americans prefer to live in and near the
dense Northeastern urban cores. People
simply continue to vote with their feet.
Since 2000, more than 300,000 people
have moved to Atlanta, Dallas, Houston,
and Charlotte; in contrast a net over two
million left New York and 1.4 million have
deserted the LA area while over 600,000
net departed Chicago and almost as many
left the San Francisco Bay region.”
~ U.S. News, March 2014, “Forget What the Pundits Tell You:
Coastal Cities are Old News - it’s the Sunbelt that’s Booming”
29 03. INVESTMENT STORY /
Location of the Future
30 / BOHO4W
CNBC named Atlanta #6
on its list of “10 Best
Cities for Today’s College
Graduates” April 30, 2014
31 03. INVESTMENT STORY /
Location of the Future
Atlanta Momentum
In Multifamily, Atlanta is Leading Rent Growth vs. Top U.S. Markets
Atlanta is a Top 10 Destination for 20-34 Year-Old Migration,
Ahead of other Sunbelt and Technology Hubs such as Houston,
Denver, Seattle, San Jose and San Francisco
Source: CBRE-EA
Source: ULI, Emerging Trends 2014
8.7% 8.7%
7.3%
7.0%
6.5%
5.5%
5.2%
4.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Atlanta Dallas Denver Houston D.C. San
Francisco
Seattle San Jose
F
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r

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a
l

G
r
o
w
t
h
Forbes named Atlanta to its
list of “The Best Cities For
New College Grads In 2013”
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
2
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1
4

R
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r
32 / BOHO4W
Glen Iris Drive
N
o
r
t
h

A
v
e
n
u
e
Ralph McGill Boulevard
F
r
e
e
d
o
m
P
a
r
k
w
a
y
Ponce City Market
MailChimp, Cardlytics, Athena Health
Dub's Fish Camp, H&F Burger,
Honeysuckle Gelato, Simply Seoul
Kitchen
Highland Dog
Training Center
The Masquerade
Concert Venue
Future Beltline Entrance
GA Power
Equipment Yard
Carter Center Museum
and Library
P
o
n
c
e

D
e

L
e
o
n

A
v
e
n
u
e
Emory University/CDC/VA Medical Center
EMORY UNIVERSITY (13,400 STUDENTS + 12,500 FACILITY/STAFF)
WOODRUFF HEALTH SCIENCES CENTER (7,250 JOBS)
CHILDREN’S HEALTHCARE OF ATLANTA (2,500 JOBS)
CDC (6,000 JOBS)
Inman Quarter
MF Sushi, Bartaco,
Ford Fry's New Restaurant
Inman Park Single Family Homes
and Townhomes
$450,000-$700,000
Inman Park Condos
$250,000+
East Avenue Townhomes
$450,000-$700,000
Single Family Homes
$250,000-$400,000
4th and Swift
Dancing Goats Coffee
Gekko Sushi and Lounge
Bantam Pub
Freedom Park
Two Urban Licks
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Parish
Serpas
Rathbun's
Historic Old 4th
Ward Park
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Glen Iris Drive
N
o
r
t
h

A
v
e
n
u
e
Ralph McGill Boulevard
F
r
e
e
d
o
m
P
a
r
k
w
a
y
Ponce City Market
MailChimp, Cardlytics, Athena Health
Dub's Fish Camp, H&F Burger,
Honeysuckle Gelato, Simply Seoul
Kitchen
Highland Dog
Training Center
The Masquerade
Concert Venue
Future Beltline Entrance
GA Power
Equipment Yard
Carter Center Museum
and Library
P
o
n
c
e

D
e

L
e
o
n

A
v
e
n
u
e
Emory University/CDC/VA Medical Center
EMORY UNIVERSITY (13,400 STUDENTS + 12,500 FACILITY/STAFF)
WOODRUFF HEALTH SCIENCES CENTER (7,250 JOBS)
CHILDREN’S HEALTHCARE OF ATLANTA (2,500 JOBS)
CDC (6,000 JOBS)
Inman Quarter
MF Sushi, Bartaco,
Ford Fry's New Restaurant
Inman Park Single Family Homes
and Townhomes
$450,000-$700,000
Inman Park Condos
$250,000+
East Avenue Townhomes
$450,000-$700,000
Single Family Homes
$250,000-$400,000
4th and Swift
Dancing Goats Coffee
Gekko Sushi and Lounge
Bantam Pub
Freedom Park
Two Urban Licks
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Parish
Serpas
Rathbun's
Historic Old 4th
Ward Park
BOHO4W BOHO4W
Micro Location
In addition to BOHO4W’s sunbelt and Atlanta location, its thriving
micro-location is what makes the property so unique.
33 03. INVESTMENT STORY /
Location of the Future
Glen Iris Drive
N
o
r
t
h

A
v
e
n
u
e
Ralph McGill Boulevard
F
r
e
e
d
o
m
P
a
r
k
w
a
y
Ponce City Market
MailChimp, Cardlytics, Athena Health
Dub's Fish Camp, H&F Burger,
Honeysuckle Gelato, Simply Seoul
Kitchen
Highland Dog
Training Center
The Masquerade
Concert Venue
Future Beltline Entrance
GA Power
Equipment Yard
Carter Center Museum
and Library
P
o
n
c
e

D
e

L
e
o
n

A
v
e
n
u
e
Emory University/CDC/VA Medical Center
EMORY UNIVERSITY (13,400 STUDENTS + 12,500 FACILITY/STAFF)
WOODRUFF HEALTH SCIENCES CENTER (7,250 JOBS)
CHILDREN’S HEALTHCARE OF ATLANTA (2,500 JOBS)
CDC (6,000 JOBS)
Inman Quarter
MF Sushi, Bartaco,
Ford Fry's New Restaurant
Inman Park Single Family Homes
and Townhomes
$450,000-$700,000
Inman Park Condos
$250,000+
East Avenue Townhomes
$450,000-$700,000
Single Family Homes
$250,000-$400,000
4th and Swift
Dancing Goats Coffee
Gekko Sushi and Lounge
Bantam Pub
Freedom Park
Two Urban Licks
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Parish
Serpas
Rathbun's
Historic Old 4th
Ward Park
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Glen Iris Drive
N
o
r
t
h

A
v
e
n
u
e
Ralph McGill Boulevard
F
r
e
e
d
o
m
P
a
r
k
w
a
y
Ponce City Market
MailChimp, Cardlytics, Athena Health
Dub's Fish Camp, H&F Burger,
Honeysuckle Gelato, Simply Seoul
Kitchen
Highland Dog
Training Center
The Masquerade
Concert Venue
Future Beltline Entrance
GA Power
Equipment Yard
Carter Center Museum
and Library
P
o
n
c
e

D
e

L
e
o
n

A
v
e
n
u
e
Emory University/CDC/VA Medical Center
EMORY UNIVERSITY (13,400 STUDENTS + 12,500 FACILITY/STAFF)
WOODRUFF HEALTH SCIENCES CENTER (7,250 JOBS)
CHILDREN’S HEALTHCARE OF ATLANTA (2,500 JOBS)
CDC (6,000 JOBS)
Inman Quarter
MF Sushi, Bartaco,
Ford Fry's New Restaurant
Inman Park Single Family Homes
and Townhomes
$450,000-$700,000
Inman Park Condos
$250,000+
East Avenue Townhomes
$450,000-$700,000
Single Family Homes
$250,000-$400,000
4th and Swift
Dancing Goats Coffee
Gekko Sushi and Lounge
Bantam Pub
Freedom Park
Two Urban Licks
N Highland Avenue Restaurants
Sotto Sotto, Fritti, Barcelona Wine Bar,
Highland Bakery, Pure Taqueria
Parish
Serpas
Rathbun's
Historic Old 4th
Ward Park
BOHO4W BOHO4W
AERIAL IN PRODUCTION - FPO
34 / BOHO4W
Micro Location
The Atlanta BeltLine
BOHO4W is adjacent to one of the country’s boldest
urban projects, the Atlanta BeltLine. This $2.8 billion
sustainable redevelopment project will provide a
network of public parks, multi-use trails and transit tied
together by a 22-mile trail around the city.
The Eastside Trail, a 2.2 mile path from Piedmont Park
to Old Fourth Ward, was completed in October 2012,
and this year will attract a million visitors, the same
number who comes to the Georgia Aquarium.
For BOHO4W now, the BeltLine is a key amenity that
drives demand, increases exposure, and adds value.
In the future, the Beltline calls for light rail lines with
45 neighborhood stops and connections to the city’s
MARTA rail system and the Atlanta Streetcar.
“The best way to predict the future
is to create it.”
~ Peter Drucker
Interesting Fact
The Atlanta BeltLine all started
with a master’s thesis written in 1999
by then-Georgia Tech architecture
and city planning student Ryan Gravel.
35 03. INVESTMENT STORY /
Location of the Future
The Atlanta BeltLine is the most comprehensive transportation
and economic development efort ever undertaken in the City
of Atlanta and among the largest, most wide-ranging urban
redevelopment programs currently underway in the United
States. The Atlanta BeltLine is a sustainable redevelopment
project that will provide a network of public parks, multi-use
trails and transit along a historic 22-mile railroad corridor
circling downtown and connecting many neighborhoods
directly to each other.
36 / BOHO4W
37 03. INVESTMENT STORY /
Location of the Future
Micro Location
Historic Forth Ward Park
BOHO4W is on the front row of Historic Fourth Ward Park
(H4WP) and is the only apartment community with direct
access to the park from the pool, which overlooks the
lake and lawn. The 17-acre urban park, a $25 million
investment along Atlanta’s BeltLine, earned the Urban
Land Institute’s “Project of the Year” award in 2013.
Park Amenities
• Two playgrounds
• Open lawn space
• 2-acre lake
• Splash pad water feature
• Open-air amphitheater
• Wide walkways for walkers and runners
• Skatepark
38 / BOHO4W
Micro Location
Ponce City Market
BOHO4W is a short walk across the park to the largest
adaptive reuse project in Atlanta’s history: Ponce City
Market. The 16-acre, nearly $300 million mixed-use
development restored the 1.1 million square foot
former Sears Roebuck distribution center. Nearing
completion, the project serves as an urban centerpiece
that combines 356,000 square feet of retail and
restaurants with 484,000 square feet of offce space
and 259 residential fats.
Project Highlights
• Central Food Hall with food stalls
and sit-down restaurants

• Rooftop deck offering miniature golf,
games, city views, food and drink
services

• Bridge connection from the BeltLine
offering bike valet with shower room
and tire repair

• Beer garden along the BeltLine
39 03. INVESTMENT STORY /
Location of the Future
40 / BOHO4W
41 03. INVESTMENT STORY /
Location of the Future
Micro Location
28+ Authentic, Local Restaurants
and Bars within One Mile
BOHO4W residents are within walking distance of a wide range
of authentic, local restaurants.
barcelona wine bar
42 / BOHO4W
Micro Location
With fve grocery stores within one mile, there is no diffculty
for residents who prefer to grab one meal at a time.
• Kroger
• Whole Foods
• Savi Provisions
• Publix
• Trader Joe’s
Entertainment and Cultural Amenities
• The Masquerade (0.3 miles)
• 7 Stages Theatre (0.7 miles)
• Landmark Midtown Art Cinema (0.8 miles)
• Plaza Theater (0.8 miles)
• Horizon Theater (0.8 miles)
• Landmark Midtown Art Cinema (1.1 miles)
• Fox Theatre (1.2 miles)
• Dad’s Garage (1.7 miles)
• Woodruff Arts Center (2.7 miles)
• High Museum (2.7 miles)
• The Carter Center (1.2 miles)
43 03. INVESTMENT STORY /
Location of the Future
BOHO4W ofers residents Fision,
Fiber Optics by Hotwire
Basic Package
• $60.00/mo. (currently included in rent)
for 50 Mbps Internet + 20 TV Channels
Internet Upgrades:
• Ultimate: +$29.99/mo (100 Mbps)
• Gigabit: +$99.99/mo (1 Gbps)
44 / BOHO4W
Gigabit Internet Speed:
100x Faster than Cable
BOHO4W is the only apartment community in Atlanta to offer
gigabit speed, and the only property on the BeltLine.
The developers of BOHO4W recognized how valuable
Internet speed is to Gen Y and the property’s renter pool,
and installed fber optic cable to all units (Fiber to the Unit,
or FTTU). By future-proofng the property’s infrastructure,
BOHO4W is uniquely capable of handling tomorrow’s
demands.
Top 3 Most Important Apartment Amenities:
#1 In-unit washing machine
#2 Bathroom not shared
#3 Fast Internet
Benefits to the Resident
• Internet speeds over 100x faster than typical cable
• Access to high-speed Internet anywhere on the property,
and at H4WP
• Faster downloads on Hulu, Twitch, Spotify - everything
residents like
• More effcient uploads of large fles like photos and renderings
(ideal for working from home)
• The clearest, sharpest picture available
• 3-D images that jump off the screen
• “Instant Replay” on anything residents have watched in the
last 7 hours without a replay box
• Wired at move-in: there’s no waiting for the cable guy… ever
Source: Multifamily Executive, “What Residents Want”
45 03. INVESTMENT STORY /
Property of the Future
3 seconds
to download 100 songs
(vs. 2.75 minutes to download
100 songs w/20Mbs)
< 3 seconds
to download a TV show
(vs. 2.5 minutes w/20Mbs)
7 seconds
to download an HD movie
(vs. 5.5 minutes w/20Mbs)
Internet Speed Comparison
8MB/second
average internet speed ofered by cable companies
25MB/second
Internet speed ofered in maximum premium packages
by cable companies
50MB/second
Minimum speed ofered at BOHO4W
1,000 MB= 1 gigabit/second
fastest residential Internet speed and ofered at BOHO4W
The Gigabit Diference
1GB
46 / BOHO4W
As BOHO4W is the only property in Atlanta to ofer gigabit
Internet speed, the first mover on fiber broadband will
capture a number of significant quantifiable benefits.
Attract a Better
Resident Profile
from the Start
Avoid Costly
Retrofitting
in the Future
Earn a
Submarket
Competitive
Advantage
Enjoy Higher
Renewal Rates
28% less likely
to move
Generate
Increased
Income
+15%
First
Mover
Advantage
Importance of Above-Average Broadband Increases
with Rent up to $2,500
47 03. INVESTMENT STORY /
Property of the Future
Gigabit Internet Speed:
Benefits to the Investor
01. Better Resident Profile from the Start
Residents who pay more rent care more about faster speeds.
By being the frst mover, BOHO4W will capture a healthy share
of this most desirable profle.
BOHO4W’s initial 71 occupants earn on average over $78,000
per year. At a 30% rent-to-income ratio, the average resident
could afford $1,950/month, which is more than $400 higher
than BOHO4W’s current average rent.
02. Submarket Competitive Advantage
70% of property owners and managers said faster fber networks
increased word-of-mouth marketing. 59% said fber increased
closing and occupancy rates.
03. Increased Income
Renters will pay 15% more in rent for fber-connected homes.
04. Higher Renewal Rates
Residents in buildings with fber are less likely to move away
than are users of other broadband technologies. 13% with fber
said they were likely to move vs. 18% with other technology.

68% of property owners and managers said they had higher
satisfaction and fewer complaints with fber.
05. Avoid Costly Retrofitting
At BOHO4W, fber to the unit architecture is already in place,
negating the need for costly future retroftting.
Source: BroadbandCommunities
Source: BroadbandCommunities, “What Fiber Broadband Can Do for Your Community”
and “MDU Residents Crave Fiber –If They Know About It”
47%
62%
63%
74%
100%
75%
44%
0% 20% 40% 60% 80% 100% 120%
$200 - $500
$501 -$1,000
$1,001 - $1,500
$1,501 - $2,000
$2,001 - $2,500
$2,501 - $3,000
Above $3,000
Residents Citing Importance of Bandwidth
M
o
n
t
h
l
y

R
e
n
t
48 / BOHO4W
The Demand for
Ultra-High-Speed Internet
will Grow Dramatically
Like the demand for smart phones and
other disruptive new technologies, the
demand for ultra-high-speed Internet
services will soon dominate. BOHO4W’s
immediate position as the only apartment
in Atlanta that is ofering gigabit speed
will allow the property to scoop up
surging demand.
Adoption Curve
for New Technology Products
SECTION IN PRODUCTION
include resident case studies
RESIDENT PROFILE 1
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RESIDENT PROFILE 1
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RESIDENT PROFILE 1
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SPREAD IN PRODUCTION - FPO
49 03. INVESTMENT STORY /
Property of the Future
50 / BOHO4W
With its forward-looking design of unit interiors, desirable amenities
that build community, and fiber to the unit (FTTU) broadband
infrastructure, BOHO4W is ideally positioned for the future.
51 03. INVESTMENT STORY /
Property of the Future
Forward-Looking
Design of Unit Interiors
Leveraging recent trends of smaler unit sizes, individual units
at BOHO4W allow residents to “live large” with well-designed,
open foorplans. Residents value the amount of quality storage
space incorporated in each unit. The developer paid particular
attention to include:
• Abundant 42” upper cabinets
• Built-in desk area with upper cabinets and drawers
• Island storage cabinets and built-in shelving
• Counter-height seating at kitchen island
• Food pantry
• Built-in shelving in living area
• Bathroom cabinets and linen closet
• Oversized walk-in closets w/double doors
The units at BOHO4W also feature enduring desirable
characteristics such as:
• H4WP and skyline views
• Balconies that allow residents to step outside
and see the activity around them
• Attractive kitchens with granite or quartz countertops
• Faux wood fooring
• Stainless steel or black appliances
(See page x for more details on unit interiors)
“The future belongs to those who
prepare for it today.”
~ Malcolm X
Spectacular Amenities
that Build Community
BOHO4W is the only property with a pool deck overlooking
Historic Fourth Ward Park. Residents appreciate the seamless
access from the pool, to the park and BeltLine.
Other thoughtful features include:
• Outdoor grilling, dining and lounge area
• Pool cabana room
• Fitness center and spin/yoga room
with group exercise classes
• Art studio to spur creativity
• Wall of Social to keep residents connected
• Cyber café and conference room
(See page x for more details on amenities)
52 / BOHO4W
53 03. INVESTMENT STORY /
Property of the Future
54 / BOHO4W
“The future is something that everyone
reaches at the rate of 60 minutes an
hour, whatever he does, whoever he is.”

~ C.S. Lewis
55 03. INVESTMENT STORY /
Property of the Future
The future is coming fast, and investors who adapt ahead of the curve will reap the biggest
rewards. In its visionary development, BOHO4W leverages some of the most important
emerging trends in real estate today. The property’s alignment with real estate’s future will
help BOHO4W outperform the market year after year.
56 / BOHO4W
04. PROPERTY INFORMATION
57 04. PROPERTY INFORMATION /
Property Description
ADDRESS
477 Wilmer Street NE
Atlanta, GA 30308
LOCATION
BOHO4W is located on the Historic Fourth Ward Park, overlooking
the park’s amphitheater, lake and walking trails. The property is
walkable to Ponce City Market, the Eastside Trail of the Atlanta
BeltLine, and many restaurants, barsand nightlife.
SITE LAYOUT
BOHO4W is composed of four 5-story residential buildings.
A midrise podium-style building on the west side of Wilmer Street
fronts the Historic Fourth Ward Park. An above-grade parking
structure serves the midrise wrap-style buildings on the west
side of Wilmer.
LAND AREA
Approximately 3.7 acres according to Fulton County Tax Assessor
records, for a density of 75 units per acre.
ZONING
MRC-3-C – Mixed Residential Commercial District
ACCESS/VISIBILITY/SIGNAGE
Property access, signage and visibility are excellent. BOHO4W
occupies a highly visible site from the Historic Fourth Ward Park.
The property fronts Glen Iris Drive, Rankin Street and Dallas Street.
Glen Iris provides quick access to North Avenue two blocks to the
north and to Inman Park to the south.
PARKING
Abundant parking is provided by the parking deck (307 spaces)
and podium (78 spaces), providing a total of 385 spaces,
or 1.39 per unit and 1.10 per bedroom.
58 / BOHO4W
Property Description
UTILITIES
Residents pay their electric bill directly to the utility provider and
reimburse the property for water/sewer consumption through a
submetering system. Residents also reimburse the property for
trash collection.

Utility/Service Provider
Separately
Metered
Residents
Pay Directly
Residents
Reimburse
Property
Electricity Georgia Power Yes Yes No
Water/Sewer City of Atlanta Yes No Yes
Natural Gas N/A N/A N/A N/A
Cable TV Hotwire N/A Yes No
Internet Hotwire N/A Yes No
Telephone Hotwire N/A Yes No
Trash Collection N/A No Yes
JURISDICTION & TAXES
Jurisdiction Fulton County / City of Atlanta
Tax ID Number
14 -0018-0005-092-3
14 -0018-0005-035-2
Assessment Ratio 40% of Fair Market Value
Tax Year Calendar
Taxes Due By October 15

FLOOD ZONE
Panel Number 13121C0263G
Date Sept. 18, 2013
Flood Zone Flood Zone X
Flood Insurance Required No

59 04. PROPERTY INFORMATION /
BUILDING DESCRIPTION
Year Completed 2014
Total Residential Units 276
Residential Rentable SF 246,464 (232,234 heated)
Average Unit Size (SF) 893 (841 heated)
Building Style Midrise wrap and podium
No. of Floors 5 story structures
Structural Framing Wood frame
First Floor Concrete slab
Exterior Materials
Brick, stone, stucco, HardiePlank lap siding,
steel balcony railings
Windows Single-hung, tilt sash, vinyl frame windows
Roof Structure
Pitched roof with wood truss support system,
plywood decking
Roof Covering Asphalt shingles and TPO membrane
Foundation
Cast-in-place concrete perimeter footings
and slab on grade

MECHANICAL/ELECTRICAL/PLUMBING
Elevators 3 elevators (hydraulic)
HVAC
Each apartment is cooled and heated by a package system
electric heat pump HVAC unit. Heat exchanger and air
handler units are located in interior closets, with exterior
pad mounted condenser units.
Water Heater
Electric-powered water heater units located
in mechanical closets within each unit
Electrical
Separately metered circuit breaker panel in each unit,
copper wiring
Plumbing Supply CPVC
Plumbing Outlet PVC
Water Meter Each unit is individually metered
Fire Protection
All units are sprinklered and have hard-wired smoke
detectors with battery backup

60 / BOHO4W
61 04. PROPERTY INFORMATION /
Community Amenities
BOHO4W ofers unsurpassed amenities, including:
• 50 Mbps internet package included with rent,
speeds up to 1Gbps available
• High-speed WiFi access at all amenities and the park
• Resort-style salt water swimming pool overlooking
Historic Fourth Ward Park (only community with pool
deck overlooking park)

• Pool deck offers abundant seating areas, gas grilling
stations and staircase providing park access
• State-of-the-art ftness center with strength training
and cardio equipment
• Separate fully-equipped spin room
• Pool cabana with fat screen TVs and full kitchen
• Resident art studio
• Cyber cafe with Mac workstations, conference room,
fat screen TVs
• Pet spa with washing stations
62 / BOHO4W
Grandparents
63 04. PROPERTY INFORMATION /
64 / BOHO4W
Resident art studio
65 04. PROPERTY INFORMATION /
66 / BOHO4W
FLOORPLANS AVAILABLE IN THE DOCUMENT CENTER
www.cbremarketplace.com/boho4w
67 04. PROPERTY INFORMATION /
Unit Interiors
BOHO4W ofers a wide variety of thoughtfully-
designed floorplans, maximizing usable living space
and ofering generous storage. All include high-end
finishes with 9’ and 10’ ceiling heights.
KITCHENS
• Choice of 3 fnish packages with either quartz
or granite countertops
• Large undermount single-bowl stainless steel sink
with goose neck faucet
• Stainless steel or black ENERGY STAR appliances
with built-in microwave and radiant top stove
• Designer cabinetry with 42” upper cabinets,
contemporary brushed nickel hardware
and choice of light or dark fnish
• Tile backsplash
• Brushed nickel track lighting
• Pendant lighting over island
• Vinyl wood plank fooring
• Abundant storage – all foorplans have pantry closet
• Large islands with seating and storage shelves
in many foorplans
• Built-in desk with under-cabinet lighting
in select foorplans
68 / BOHO4W
Resident art studio
Unit Interiors
BATHROOMS
• Vinyl plank fooring
• Linen closets
• Floorplans feature garden tub or stand-up shower
• Custom tiled shower and tub surround
• Contemporary brushed nickel plumbing
and lighting fxtures
LIVING AREAS
• 10’ ceiling heights for frst foor units,
9’ on other foors
• Vinyl plank fooring in kitchens, living rooms
and entries
• Washer/dryer connections in all units; stackable
washer/dryer units provided; full-size washer/dryer
units provided in about 50% of units
• 2” faux wood blinds
• Large walk-in closets
• Built in desks and bookselves (select units)
• Private patios and decks – ground foor units with
brownstone-style steps providing street access
69 04. PROPERTY INFORMATION /
70 / BOHO4W
Resident art studio
71 04. PROPERTY INFORMATION /
72 / BOHO4W
Site Plan
REQUEST NATIVE FILE OF THE ABOVE FILE PULLED FROM WEB. VECTOR PREFERRED (.AI, EPS, PDF).
PRECEDING AERIAL WILL BE HI-REZ AND LABELED.
REQUEST FOR NATIVE FILE
73 04. PROPERTY INFORMATION /
AERIAL IN PRODUCTION - FPO
74 / BOHO4W
75 04. PROPERTY INFORMATION /
76 / BOHO4W
05. MULTIFAMILY MARKET
77 05. MULTIFAMILY MARKET /
Intown Atlanta
Outperforming Overall Metro
Atlanta #4 in Projected Rent Growth Over Next 5 Years
(Top 20 Markets by Inventory)
Downtown/Midtown to Outperform Metro Atlanta
in 5-Year Projected Rent Growth
Source: CBRE-EA 4Q-2013
3.6%
3.4%
3.3%
3.2%
3.1%
3.0%
2.8%
2.8%
2.6%
2.6%
2.6%
2.5%
2.5%
2.5%
2.4%
2.4%
2.4%
2.4%
2.3%
1.7%
1.6%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
Boston
Orange County
San Diego
Atlanta
Los Angeles
Detroit
Dallas
New York
Nation
Philadelphia
Denver
Tampa
Washington, DC
Miami
Minneapolis
Oakland
Chicago
Houston
Phoenix
Seattle
San Francisco
3.1%
3.6%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Atlanta Downtown/Midtown
5
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Rent Comparables
New properties along the Beltline in Old 4th Ward and Inman Park have been met with overwhelming demand. BOHO4W’s
orientation towards 1BR floorplans and FTTU broadband access ideally positions the property to appeal to the afuent Millennial
renter-by-choice.
COMPETITIVE RENT SET
Property Year Built # Units Occupancy Average Unit Size Average Asking Rent Average Rent/SF
Ivy Hall 2011 110 98.0% 1,181 $1,800 $1.52
Flats at Ponce City Market 2014 259 Initial Lease-Up 921 $1,794 $1.95
SkyHouse South 2013 320 Initial Lease-Up 786 $1,762 $2.24
AMLI Ponce Park 2014 305 Pre-leasing 870 $1,574 $1.81
Post Parkside 2000 188 97.0% 885 $1,516 $1.71
AMLI Old 4th Ward 2008 337 99.0% 1,046 $1,457 $1.39
131 Ponce Midtown 2014 280 Pre-leasing 769 $1,453 $1.89
AMLI Parkside 2010 301 97.0% 896 $1,426 $1.59
Biltmore at Midtown 2002 276 97.0% 766 $1,343 $1.75
Total/Avg 2,376 97.6% 902 $1,553 $1.72
BOHO4W 2014 276 Initial Lease-Up 841 $1,534 $1.82
78 / BOHO4W
1
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3
4
5
6
7
8
9
79 05. MULTIFAMILY MARKET /
RENT COMP MAP IN PRODUCTION - FPO
Rent Comparables
1 Bedroom Floorplans
1 BR floorplans compose 73% of the units at BOHO4W. Average nominal monthly rent at BOHO4W is below the competitive set
average. BOHO4W is a comparative value, considering that 50 Mbps internet is included in BOHO4W rent, a faster speed than
is available at competitor properties.
BOHO4W RENTS VS. COMPETITIVE SET
Property Units Avg. SF Avg. Eff. Rent Avg. Eff. $/SF
SkyHouse South 158 709 $1,660 $2.34
Flats at Ponce City Market 138 833 $1,600 $1.92
Ivy Hall 48 961 $1,567 $1.63
AMLI Ponce Park 231 852 $1,543 $1.81
Post Parkside 98 834 $1,374 $1.65
Biltmore at Midtown 121 776 $1,343 $1.73
131 Ponce Midtown 220 667 $1,320 $1.98
AMLI Parkside 114 745 $1,246 $1.67
AMLI Old 4th Ward 187 868 $1,228 $1.42
Total/Avg 1,315 790 $1,425 $1.80
BOHO4W 201 734 $1,401 $1.91
BOHO4W
SkyHouse South
Flats at Ponce City Market
Ivy Hall
AMLI Ponce Park
131 Ponce Midtown
AMLI Parkside
AMLI Old 4th Ward
Post Parkside
Biltmore at Midtown
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
600 700 800 900 1,000 1,100
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Unit Size (SF)
80 / BOHO4W
Rent Comparables
2 Bedroom Floorplans
At $1,890, average 2BR rents at BOHO4W are below the competitive set average, and trail 6 of the 9 properties in the competitive
set. Average 2BR rents at Ponce City Market are $575 higher than at BOHO4W, and do not include the $40 monthly internet fee
(for 20 Mbps) or $75/space parking fee charged at that property.
BOHO4W RENTS VS. COMPETITIVE SET
Property Units Avg. SF Avg. Eff. Rent Avg. Eff. $/SF
Flats at Ponce City Market 73 1,316 $2,465 $1.87
Post Parkside 32 1,315 $2,268 $1.73
SkyHouse South 68 1,002 $2,195 $2.19
Ivy Hall 57 1,386 $2,008 $1.45
131 Ponce Midtown 52 1,172 $1,997 $1.70
Biltmore at Midtown 48 1,199 $1,901 $1.59
AMLI Old 4th Ward 150 1,269 $1,742 $1.37
AMLI Ponce Park 74 924 $1,671 $1.81
AMLI Parkside 154 1,072 $1,629 $1.52
Total/Avg 708 1,169 $1,903 $1.63
BOHO4W 75 1,131 $1,890 $1.67
BOHO4W
Flats at Ponce City Market
SkyHouse South
AMLI Ponce Park
131 Ponce Midtown
Ivy Hall
AMLI Parkside
AMLI Old 4th Ward
Biltmore at Midtown
Post Parkside
$1,500
$1,700
$1,900
$2,100
$2,300
$2,500
$2,700
800 900 1,000 1,100 1,200 1,300 1,400 1,500
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81 05. MULTIFAMILY MARKET /
Relevant Sales Transactions
Strong apartment performance, healthy employment growth, and dynamic infill submarkets have pushed recent Class AA
Atlanta apartment pricing well above the $200,000/unit threshold.
1
92 West Paces
92 West Paces Ferry Rd
Atlanta, GA 30305
2
Elle of Buckhead
235 Pharr Road
Atlanta, GA 30305
3
Heights at Stillhouse
3151 Stillhouse Creek Drive
Atlanta, GA 30339
4
1160 Hammond
1160 Hammond Drive
Atlanta, GA 30328
MULTIFAMILY SALES COMPARABLES
82 / BOHO4W
SALES COMP MAP IN PRODUCTION - FPO
Relevant Sales Transactions
MULTIFAMILY SALES COMPARABLES
Property Sale Date Sale Price Price/Unit Price/SF
Year
Built
Units Seller Buyer
92 West Paces
92 West Paces Ferry Rd
Atlanta, GA 30305
April 2014 $73,150,000 $348,333 $355 2014 210 Preserve Properties Prudential
Elle of Buckhead
235 Pharr Rd
Atlanta, GA 30305
Jan. 2014 $106,600,000 $285,760 $309 2013 373 JLB Partners MetLife
Heights at Stillhouse
3151 Stillhouse Creek Drive
Atlanta, GA 30339
Feb. 2014 $71,500,000 $236,755 $219 2013 302 Worthing Southeast Bell Partners
1160 Hammond
1160 Hammond Drive
Atlanta, GA 30328
Under
Contract
$80,300,000 $232,754 $246 2014 345 Northwood Ravin Associated Estates

83 05. MULTIFAMILY MARKET /
84 / BOHO4W
CONFIDENTIALITY, NOTICES & DISCLAIMER
CBRE Group, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of
commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management
and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may
be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described
in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge
that possibility and agree that neither CBRE Group, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the
sale or purchase of the Property. In all instances, however, CBRE Group, Inc. will act in the best interest of the client(s) it represents in the transaction described
in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror
or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the
transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition
of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property
or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a
purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the
general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE Group, Inc. Therefore, all projections, assumptions
and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are
approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In
this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever
nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or
implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt
of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of
the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate
discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment
or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the
Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest
confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE
Group, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE Group, Inc.
Purchaser acknowledges that CBRE is acting on behalf of Owner as exclusive broker in connection with the sale, and also acknowledges that CBRE is not the agent
of the Purchaser. Purchaser agrees to pay all brokerage commissions, finder’s fees, and other compensation to which any broker (except CBRE) finder or other
person may be entitled in connection with the sale of the Property if such claim or claims for commissions, fees or other compensation are based in whole or in
part on dealings with Purchaser or any of its representatives; and Purchaser agrees to indemnify and hold harmless CBRE and Owner, their respective affiliates,
successors, and assigns, employees, officers, and directors against and from any loss, liability or expense, including reasonable attorneys fees arising out of any
claim or claims by any broker, finder or similar agent for commissions, fees, or other compensation for bringing about any sale of the property to Purchaser if such
claim or claims are based in whole or in part on dealings with Purchaser or any of its representatives.
DISCLAIMER
© 2014 CBRE Group, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE Group, Inc. does not doubt its
accuracy, CBRE Group, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its
accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of
the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your
advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
THE FUTURE OF MULTIFAMILY IS AT BOHO4W NOW
www.cbremarketplace.com/boho4w
A NORTH AMERICAN PROPERTIES DEVELOPMENT