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34        EXECUTIVE SUMMARY    |    LOCATION HIGHLIGHTS    |    FINANCIAL ANALYSIS    |    MARKET SURVEY

            Comparable Rental Properties




             Rent Comps, Sorted by Monthly Rent per Unit                 Rent Comps, Sorted by Monthly Rent per Sq. Ft.

            .                       Avg SF/Unit Avg Rent/Unit Avg Rent/SF  .                    Avg SF/Unit Avg Rent/Unit Avg Rent/SF
             One-bedroom, one-bath                                       One-bedroom, one-bath
               Aviary Village              735        $775      $1.05      Campus Walk Apartments      500        $645      $1.29
               Campus Walk Apartments      500        $645      $1.29      Aviary Village              735        $775      $1.05


             Two-bedroom, two-bath                                       Two-bedroom, two-bath
               Monarch 544                 836       $1,350     $1.64      Monarch 544                 836       $1,350     $1.64
               Campus Walk Apartments     1108       $1,240     $1.12      The Cove at Coastal Carolina  785     $1,218     $1.58
               The Cove at Coastal Carolina  785     $1,218     $1.58      Campus Walk Apartments     1108       $1,240     $1.12
               Aviary Village             1109        $928      $0.84      Aviary Village             1109        $928      $0.84

             Average Rent per Square Foot, One-Bedrooms                  Average Occupancy



            $1.40                                                         100%
            $1.20                                                          80%
            $1.00
            $0.80                                                          60%
            $0.60                                                          40%
            $0.40                                                          20%
            $0.20
            $0.00                                                           0%
                         Aviary Village       Campus Walk Apartments             Aviary Village  Campus Walk  Monarch 544  The Cove at
                                                                                             Apartments            Coastal Carolina
             Average Rent per Square Foot, Two-Bedrooms                  Average Rent/Unit


             $2.00
                                                                        $1,600
             $1.60                                                      $1,400
             $1.20                                                      $1,200
                                                                        $1,000
             $0.80                                                       $800
             $0.40                                                       $600
                                                                         $400
              $-                                                         $200
                   Aviary Village  Campus Walk  Monarch 544  The Cove at Coastal  $0
                                Apartments               Carolina
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                                                                            Aviary VillageWalk ApartmentsAviary VillageWalk Apartments544at Coastal Carolina
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                                                                                One Bedrooms               Two Bedrooms
   29   30   31   32   33   34   35   36   37   38   39