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    SBpacific
         group
                 East Lake Laney Lofts, Oakland    Montage, San Antonio




                   Montage, San Antonio           City View Apartment, San
                                                           Antonio


                                                                     9/24/12
+
    About SBpacific Group

     Our   History
        SB Pacific Group acquires under-utilized properties
         and transforms them into vibrant, high-value real
         estate assets
        Located in Berkeley, California
        Founded in 1986

     Experience
        Focus on value-add infill development
        Handles large luxury redevelopment
                                                          Lake Merritt Lodge, Oakland




                                                                                        9/24/12
+
    Investment Philosophy

            Geographic           Texas and California
           Specialization        High density suburban property


            Management           Supervise construction and
             Expertise            rehabilitation projects
                                 Superior network of contacts

         Fundamental Value-
          Driven Approach        Class B- to B+ or B renovations
                                 Rehabilitation, repositioning, and
                                  adaptive re-use




                                                                    9/24/12
+
    Acquisition Criteria

                                           Property      Types
                                              Multifamily rental
                                              Retail & Office



                                           Market     Segment
                                              Opportunistic value-add
     Lodge on Perrin Creek, San Antonio
                                              Up-trending submarket ($5-
                                               $20 million)
                                              Near-term growth focus in
                                               California and Texas




                                                                            9/24/12
+
    Recent Projects
San Antonio Apartment Portfolio           East Lake Laney Lofts            City View Apartments




             San Antonio, TX                  Oakland, CA                       San Antonio, TX
    San Antonio Apartment Portfolio   East Lake Laney Lofts             City View Apartments

    - 211 units bought with 65%       -Renovated creamery to 26 Class - 318 units re-branded to City View
    occupancy                         A Condos                        - Rent increase and still own
    - Rent increase                                                   - Full rehabilitation to 96%
                                      - All units sold within         occupancy
    - Full rehabilitation to 95%       1 month of finish
    occupancy




                                                                                                            9/24/12
The Offering
Price:               $9,000,000
Built:               1984
Price Per Unit:      $43,269
Price Per Sq Foot:   $58.90
Units:               208
GBA:                 152,800
Land Area:           +/- 7 acres




                                   9/24/12
Location Profile
+


    South Texas Medical
    Center


San Antonio and the Surroundings…
   San Antonio is the 7th largest city in the U.S with a population of 2.08 million
   Montage at North Point is near the South Texas Medical Center which includes 45 medical
    institutions and over 28k professionals. Associated support businesses employ 23k. The
    average wage is 20% higher than the median San Antonio income.
   Montage at North Point is a short distance to USAA, a San Antonio based diversified
    financial services group. Over 18,000 employees occupy the corporate headquarters at the
    corner of Fredericksburg and Huebner.




                                                                                        9/24/12
+ Location Profile




                     9/24/12
+
      Location Highlights
Strategic Access
   Advantageously located within five minutes to
    two of San Antonio’s largest employment
    centers
   Short drive to San Antonio’s largest university,
    new retail centers, and state of the art
    entertainment

Flourishing Employment
   South Texas Medical Center, USAA and
    Wonderland of the Americas Mall in submarket
   Adjacent to Fredericksburg Road and a short
    distance to Interstate Highway 10 and Loop 410




                                                       9/24/12
+
    Apartment Unit Amenities
Indoor Amenities
   208 Unit Garden Apartments in northwest submarket
   Central HVAC and large walk-in closets (washer/dryer connections in
    select units)
   Washer/dryer connections and vaulted ceilings in select units
   Cyber cafe and fitness center
   Two clothes care facilities
   Professional Leasing Center

Outdoor Amenities
   Two swimming pools
   Gated entry w/ picnic area and barbeque stations
   Lush native landscaping with magnificent oak trees, limestone
    garden walls, and courtyards
   Tennis Court




                                                                          9/24/12
Apartment Unit Breakdown
 Units      Type        Unit SF   Total SF

  48     1 Bed/1 Bath     500     24,000
  88     1 Bed/1 Bath     700     61,600
  48     2 Bed/2 Bath     900     43,200
  24     2 Bed/2 Bath    1,000    24,000

 208                     735      152,800




                                             9/24/12
+Apartment Comparable
Apartment Complex        # of Units         Avg. Size (SF)   Avg. Market Rent   Rent per sq.foot


Fountain Head                         688             670             $683               $1.02




Sugar Hill                            184             744             $647               $0.87



San Antonio Station                   172             717             $682               $0.95



Broadstone Medical                    384             676             $703               $1.04




Country View                          272             784             $744               $0.95




Montage at North Point                208             735             $722               $0.98




                                                                                                   9/24/12
+
    Rent Comparable




                      9/24/12
Why Purchase Montage at
North Point?


                           Attractive Occupancy
        Discount               Current economic occupancy is 88% and
                                present physical occupancy is 96% our
                                target physical range is 95%
                               Increase occupancy and maximize
                                collections boosting revenue

 Occupancy     Value-Add   Well Located Asset
                               Ability to attain asset directly from lender
                                with asset management upside (Off
                                Market Opportunity)



                                                                         9/24/12
Value-Add Opportunities
                 Exterior Additions
                      Landscape trimming & sprinklers
                      Painting a portion of the building
                      Recoat and restripe the driveway


                 Interior Upgrades
                      Replace carpet with Prego
                      Replace kitchen laminate countertops
                       with granite
                      Two-tone painting


                 Timing
                      Ideal due to expansion of South Texas
                       Medical Center
                      Historically low interest rate & depressed
                       price




                                                                    9/24/12
+
    Expected Development Results
                             4/11 3/12 Actual             3rd Year Pro Forma
    Gross Scheduled Rent                1,491,264                    1,597,442
      Vacancy and Collection Loss       183,833                      201,827
    Net Rental Income                   1,307,431                    1,395,615
    Other Income                        49,961                       134,872
    Economic Occupancy                  88%                          87%
    Physical Occupancy                  93%                          94%

    Total Income                        1,357,393                    1,530,487
    Total Expenses                      935,091                      893,480
    Net Operating Income                422,302                      637,007

General Notes
    Current Occupancy 90%, Stabilized 88% / Water reimbursement through Conservice
    Expenses based on City View Performance




                                                                                      9/24/12
+
    Purchase Price Analysis
                                    Actual          3rd yr Proforma

Purchase Price                                               9,000,000

Down payment                           $2,707,850           $2,707,850
                                                                         17.20%              17.06%

NOI                                      422,302              637,007 17.00%
                                                                         16.80%

Mortgage Payment                         253,125              253,125 16.60%
                                                                                                        •   Actual
6.75MM 3.75% interest only due in                                        16.40%
                                                                                                        •   Pro Forma
5 years)                                                                 16.20%   16.10%
                                                                         16.00%
Net Cash Flow                         169,177              383,882       15.80%
                                                                         15.60%
Return $ on $                            16.10%               17.06%              Cash on Cash Return




General Assumptions
   Assumes 75% Loan to Value
   Total Cash Down payment includes 1/2 % loan fee, insurance, legal fees, title &
    escrow, and capital reserve



                                                                                                                        9/24/12
+ Net Cash Flow & IRR
Scenarios IRR      2011            2012            2013           2014             2015 (Sale)   Cap
                                                                                                 Rate

   1      24.96%      -2,436,757        $326,300       342,720           367,361       3,942,804 5.75%

   2      19.90%      -2,436,757        $326,300       342,720           367,361       3,180,020 6.25%

   3      15.06%      -2,436,757        $326,300       342,720           367,361       2,530,241 6.75%

                                                                                       2,240,160 7.00%
   4      12.64%
                      -2,436,757        $326,300       342,720           367,361



                    30.00%
                             24.96%
                    25.00%
                                        19.90%
                    20.00%
                                                   15.06%
                    15.00%                                    12.64%        IRR
                    10.00%                 6.25%      6.75%      7.00%      Cap Rate
                                5.75%
                     5.00%
                     0.00%
                               IRR1       IRR2       IRR3       IRR4




                                                                                                         9/24/12
Our Market View

Key Advantages
Cheap Financing
        3.75% in Pro forma Model


Attractive Market
    +10% Cash on Cash Return
    Up-trending submarket
    Property enhancements can push
     rents higher
                                      Lodge on Perrin Creek, San Antonio




                                                                           9/24/12
+
    Projected Fees

                               Management Structure Fee

   General Management receives an acquisition fee of .75% for
    sourcing, seeding, negotiating, and closing opportunity.

   Asset and Management Fee is 5%

   Investors and general management will split the annual net cash flow 85/15 as
    long as investors receive 6% annual return on their investment.

    At closing, Investors and General Management will split all proceeds 80/20 after
    meeting all obligations including but not limited to debt service and closing
    costs.




                                                                                        9/24/12
+
    Experienced Team of Professionals

 Igal Sarfaty                                                    Yuval Bobrovitch
 Principal & Co-founder                                          Principal & Co-founder
                           Responsible       for     strategic                            Responsible for oversight of
                           management of the firm, Mr.                                    construction      projects,   Mr.
                           Sarfaty identifies, evaluates and                              Bobrovitch is involved in site
                           selects investment opportunities                               analysis, design development
                           for SB Pacific Group. Prior to                                 and construction management.
                           founding SB Pacific Group, Mr.                                 Mr. Bobrovitch has extensive
                           Sarfaty used his entrepreneurial                               experience in the construction
                           skills to establish several small                              and renovation of multifamily
                           companies,        including       a                            residential    and      commercial
                           contracting business which he                                  properties. He is a general
                           continues to operate today.                                    contractor, and supervised all of
                                                                                          the early projects in the SB


He has held a real estate license since 1989.His experience      Pacific Group Portfolio. Through his diligence, Mr.
as a contractor and his eye for opportunity have helped Mr.      Bobrovitch sets the standard by which the full upside
Sarfaty negotiate lucrative real estate transactions that        potential of properties should be reached.
create lasting value.




                                                                                                                          9/24/12

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Montage Presentation 9.24.12

  • 1. + SBpacific group East Lake Laney Lofts, Oakland Montage, San Antonio Montage, San Antonio City View Apartment, San Antonio 9/24/12
  • 2. + About SBpacific Group  Our History  SB Pacific Group acquires under-utilized properties and transforms them into vibrant, high-value real estate assets  Located in Berkeley, California  Founded in 1986  Experience  Focus on value-add infill development  Handles large luxury redevelopment Lake Merritt Lodge, Oakland 9/24/12
  • 3. + Investment Philosophy Geographic  Texas and California Specialization  High density suburban property Management  Supervise construction and Expertise rehabilitation projects  Superior network of contacts Fundamental Value- Driven Approach  Class B- to B+ or B renovations  Rehabilitation, repositioning, and adaptive re-use 9/24/12
  • 4. + Acquisition Criteria  Property Types  Multifamily rental  Retail & Office  Market Segment  Opportunistic value-add Lodge on Perrin Creek, San Antonio  Up-trending submarket ($5- $20 million)  Near-term growth focus in California and Texas 9/24/12
  • 5. + Recent Projects San Antonio Apartment Portfolio East Lake Laney Lofts City View Apartments San Antonio, TX Oakland, CA San Antonio, TX San Antonio Apartment Portfolio East Lake Laney Lofts City View Apartments - 211 units bought with 65% -Renovated creamery to 26 Class - 318 units re-branded to City View occupancy A Condos - Rent increase and still own - Rent increase - Full rehabilitation to 96% - All units sold within occupancy - Full rehabilitation to 95% 1 month of finish occupancy 9/24/12
  • 6. The Offering Price: $9,000,000 Built: 1984 Price Per Unit: $43,269 Price Per Sq Foot: $58.90 Units: 208 GBA: 152,800 Land Area: +/- 7 acres 9/24/12
  • 7. Location Profile + South Texas Medical Center San Antonio and the Surroundings…  San Antonio is the 7th largest city in the U.S with a population of 2.08 million  Montage at North Point is near the South Texas Medical Center which includes 45 medical institutions and over 28k professionals. Associated support businesses employ 23k. The average wage is 20% higher than the median San Antonio income.  Montage at North Point is a short distance to USAA, a San Antonio based diversified financial services group. Over 18,000 employees occupy the corporate headquarters at the corner of Fredericksburg and Huebner. 9/24/12
  • 9. + Location Highlights Strategic Access  Advantageously located within five minutes to two of San Antonio’s largest employment centers  Short drive to San Antonio’s largest university, new retail centers, and state of the art entertainment Flourishing Employment  South Texas Medical Center, USAA and Wonderland of the Americas Mall in submarket  Adjacent to Fredericksburg Road and a short distance to Interstate Highway 10 and Loop 410 9/24/12
  • 10. + Apartment Unit Amenities Indoor Amenities  208 Unit Garden Apartments in northwest submarket  Central HVAC and large walk-in closets (washer/dryer connections in select units)  Washer/dryer connections and vaulted ceilings in select units  Cyber cafe and fitness center  Two clothes care facilities  Professional Leasing Center Outdoor Amenities  Two swimming pools  Gated entry w/ picnic area and barbeque stations  Lush native landscaping with magnificent oak trees, limestone garden walls, and courtyards  Tennis Court 9/24/12
  • 11. Apartment Unit Breakdown Units Type Unit SF Total SF 48 1 Bed/1 Bath 500 24,000 88 1 Bed/1 Bath 700 61,600 48 2 Bed/2 Bath 900 43,200 24 2 Bed/2 Bath 1,000 24,000 208 735 152,800 9/24/12
  • 12. +Apartment Comparable Apartment Complex # of Units Avg. Size (SF) Avg. Market Rent Rent per sq.foot Fountain Head 688 670 $683 $1.02 Sugar Hill 184 744 $647 $0.87 San Antonio Station 172 717 $682 $0.95 Broadstone Medical 384 676 $703 $1.04 Country View 272 784 $744 $0.95 Montage at North Point 208 735 $722 $0.98 9/24/12
  • 13. + Rent Comparable 9/24/12
  • 14. Why Purchase Montage at North Point? Attractive Occupancy Discount  Current economic occupancy is 88% and present physical occupancy is 96% our target physical range is 95%  Increase occupancy and maximize collections boosting revenue Occupancy Value-Add Well Located Asset  Ability to attain asset directly from lender with asset management upside (Off Market Opportunity) 9/24/12
  • 15. Value-Add Opportunities Exterior Additions  Landscape trimming & sprinklers  Painting a portion of the building  Recoat and restripe the driveway Interior Upgrades  Replace carpet with Prego  Replace kitchen laminate countertops with granite  Two-tone painting Timing  Ideal due to expansion of South Texas Medical Center  Historically low interest rate & depressed price 9/24/12
  • 16. + Expected Development Results 4/11 3/12 Actual 3rd Year Pro Forma Gross Scheduled Rent 1,491,264 1,597,442 Vacancy and Collection Loss 183,833 201,827 Net Rental Income 1,307,431 1,395,615 Other Income 49,961 134,872 Economic Occupancy 88% 87% Physical Occupancy 93% 94% Total Income 1,357,393 1,530,487 Total Expenses 935,091 893,480 Net Operating Income 422,302 637,007 General Notes  Current Occupancy 90%, Stabilized 88% / Water reimbursement through Conservice  Expenses based on City View Performance 9/24/12
  • 17. + Purchase Price Analysis Actual 3rd yr Proforma Purchase Price 9,000,000 Down payment $2,707,850 $2,707,850 17.20% 17.06% NOI 422,302 637,007 17.00% 16.80% Mortgage Payment 253,125 253,125 16.60% • Actual 6.75MM 3.75% interest only due in 16.40% • Pro Forma 5 years) 16.20% 16.10% 16.00% Net Cash Flow 169,177 383,882 15.80% 15.60% Return $ on $ 16.10% 17.06% Cash on Cash Return General Assumptions  Assumes 75% Loan to Value  Total Cash Down payment includes 1/2 % loan fee, insurance, legal fees, title & escrow, and capital reserve 9/24/12
  • 18. + Net Cash Flow & IRR Scenarios IRR 2011 2012 2013 2014 2015 (Sale) Cap Rate 1 24.96% -2,436,757 $326,300 342,720 367,361 3,942,804 5.75% 2 19.90% -2,436,757 $326,300 342,720 367,361 3,180,020 6.25% 3 15.06% -2,436,757 $326,300 342,720 367,361 2,530,241 6.75% 2,240,160 7.00% 4 12.64% -2,436,757 $326,300 342,720 367,361 30.00% 24.96% 25.00% 19.90% 20.00% 15.06% 15.00% 12.64% IRR 10.00% 6.25% 6.75% 7.00% Cap Rate 5.75% 5.00% 0.00% IRR1 IRR2 IRR3 IRR4 9/24/12
  • 19. Our Market View Key Advantages Cheap Financing  3.75% in Pro forma Model Attractive Market  +10% Cash on Cash Return  Up-trending submarket  Property enhancements can push rents higher Lodge on Perrin Creek, San Antonio 9/24/12
  • 20. + Projected Fees Management Structure Fee  General Management receives an acquisition fee of .75% for sourcing, seeding, negotiating, and closing opportunity.  Asset and Management Fee is 5%  Investors and general management will split the annual net cash flow 85/15 as long as investors receive 6% annual return on their investment.  At closing, Investors and General Management will split all proceeds 80/20 after meeting all obligations including but not limited to debt service and closing costs. 9/24/12
  • 21. + Experienced Team of Professionals Igal Sarfaty Yuval Bobrovitch Principal & Co-founder Principal & Co-founder Responsible for strategic Responsible for oversight of management of the firm, Mr. construction projects, Mr. Sarfaty identifies, evaluates and Bobrovitch is involved in site selects investment opportunities analysis, design development for SB Pacific Group. Prior to and construction management. founding SB Pacific Group, Mr. Mr. Bobrovitch has extensive Sarfaty used his entrepreneurial experience in the construction skills to establish several small and renovation of multifamily companies, including a residential and commercial contracting business which he properties. He is a general continues to operate today. contractor, and supervised all of the early projects in the SB He has held a real estate license since 1989.His experience Pacific Group Portfolio. Through his diligence, Mr. as a contractor and his eye for opportunity have helped Mr. Bobrovitch sets the standard by which the full upside Sarfaty negotiate lucrative real estate transactions that potential of properties should be reached. create lasting value. 9/24/12

Editor's Notes

  1. Add pics from lodge