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EXECUTIVE SUMMARY    |    LOCATION HIGHLIGHTS    |    FINANCIAL ANALYSIS    |    MARKET SURVEY              41




















































         Recently Sold Comparable Properties





               Property                           #Units       Sales Price       Price/Unit       Closing Date         CAP Rate
            Aviary Village                            50       $5,000,000         $100,000
            1 Cherry Grove Commons                    172     $15,100,000            $87,791         31-Jul-14            6.70%

            2 Multi-Property Sale                     168       $4,400,000           $26,190         28-Jul-14
            3 Tides at Calabash                       168     $12,600,000            $75,000       20-Aug-14
            4 Fox Run Apartments                      120       $9,790,000           $81,583        27-Jun-14             6.55%
            5 Northwoods Townhomes                    150     $13,000,000            $86,667        28-Oct-14

            6 Balfour West Apartments                  48       $4,250,000           $88,542        11-Jun-14             5.67%
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