INVESTMENT OVERVIEW

Shoreside Village is a 119- unit apartment community with a 1,2,and 3 bedroom apartments in 9 two  and three story buildings located on Beverly Lake featuring lake frontage as well as views of the lake. Everett is a suburb of Seattle and is located 25 miles north. Shoreside Village is located in the newer section of Everett, within 2 miles of Boeing Manufacturing Plant for the 787 Dreamliner.

Situated among numerous condominium conversion projects, Shoreside Village offers the only rentable housing on Beverly Lake. The property has experienced long term ownership under market rents, providing investors an opportunity for short term increases in cash flow and asset value. The purchase of the property will be accompanied by $500K of funds to be used for capital improvements at the property. Phase I includes: leasing office renovations, vinyl siding repairs, property signage, parking lot repairs and re-striping, and landscape clean up and enhancements. These primarily cosmetic improvements will be completed within 90 days of acquisition and will position the property for increased market rents. Phase II of the renovations will follow, after having an opportunity to survey residents and local clientele. The survey results will be used to determine the specific items to be renovated inside the units; likely to include lighting, kitchen cabinet hardware, flooring and appliances. Washer and Dryers are being considered and will depend on the forecasted income return (standard is $40-$50 per month unit rent).

While Shoreside Village lacks amenities such as a pool, the maintenance costs of the property are reduced as a result. Because the property is the only apartment community available on the Lake, with 40% of the units offering at least lake peaks, the renter demand for the units is expected to be on par with properties offering more amenities; currently averaging 95% occupancy in the Everett market.