1. TAMPA-ST. PETE Nicholas Husak Engler Financial Group
DEVELOPMENT CONFERENCE
Nicholas Husak
Engler Financial Group

2. Investment Sales Update Sourcing JV Development Equity
Overview
EFG Introduction
Investment Sales Update
Sourcing JV Development Equity
2012 TAMPA ST. PETE DEV CONFERENCE

3. Raising JV Development Equity
DEVELOPER
EQUITY PARTNER
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update

4. Investment Sales Activity
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
Investment Sales Update

5. Seneca at Cypress Creek
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
Investment Sales Update

6. Seneca at Cypress Creek
Investment Sale
Seneca at Cypress Creek
Tampa, FL
DEAL SPECIFICS
Broker
Sale Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12 Exp.)
EFG
Sept 2012
2010
451
1059
$1,134
$1.07
$138,027
5.35%
2012 TAMPA ST PETE DEV CONFERENCE
Investment Sales Update

7. Investment Sale Villas at Gateway St. Petersburg, FL
2012 TAMPA ST. PETE DEV CONFERENCE
Investment Sales Update

8. Investment Sale Villas at Gateway St. Petersburg, FL
DEAL SPECIFICS
Broker
Sales Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12 Exp.)
EFG
Nov 2012
2004
300
994
$1078
$1.08
$120,000
5.25%
2012 TAMPA ST PETE DEV CONFERENCE
Investment Sales Update

9. Estates at Countryside
Investment Sale
Estates at Countryside
Clearwater, FL
2012 TAMPA ST. PETE DEV CONFERENCE
Investment Sales Update

10. Estates at Countryside
Investment Sale
Estates at Countryside
Clearwater, FL
DEAL SPECIFICS
Broker
Sales Date
Year Built
No. of Units
Average Sq. Ft.
In Place Effective Rent
Rent/Sq. Ft.
Price/Unit
Cap Rate (T3 Inc./T12 Exp.)
EFG
Nov 2012
1998
320
1000
$865
$0.86
$92,187
5.40%
2012 TAMPA ST PETE DEV CONFERENCE
Investment Sales Update

11. Developed by Related Group of Florida
Pier House
Developed by Related Group of Florida
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update

12. Bayway Apartments Developed by MCRT St. Petersburg, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update

13. Developed by Alliance Residential
Broadstone Hyde Park
Developed by Alliance Residential
Tampa, FL
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update

14. JV DEVELOPMENT EQUITY Market Terms Southeast US Q 4 2012
Return on Cost
Debt
Equity
Coinvestment (Dev Equity)
Returns / Promotes % % %
5 - 20%
8 – 10% Pref
70 / 30 to a 15-17%
60 / 40 to a 17-20%
50 / 50 thereafter
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update

15. JV DEVELOPMENT EQUITY Market Terms Southeast US Q 4 2012
Put / Call
Completion Guarantee
Post Completion Guarantees
Development Fees
GC Fees
Management Fees
Yes
3-5%
5-6% 3%
2012 TAMPA ST. PETE DEV CONFERENCE
JV Development Update