pinehurst LUXURY APARTMENT HOMES MULTIFAMILY INVESTMENT OPPORTUNITY

Transcription

1 pinehurst LUXURY APARTMENT HOMES MULTIFAMILY INVESTMENT OPPORTUNITY

2 WHO IS NORTHCAP MULTIFAMILY PINEHURST Exclusively PRESENTED BY: robin willett Senior VP Multifamily Investments Devin Lee, CCIM Director Multifamily Investments Finance jerad ROBERTS Executive VP Multifamily Investments JASON DITTENBER VP Multifamily Investments Las Vegas s premier multifamily real estate team consists of veterans John Tippins, Devin Lee, CCIM, Robin Willett, Jerad Roberts and Jason Dittenber who form the city s largest and most seasoned team of multifamily specialists. The group, which has more than three billion dollars of transactions between them, comprise Northcap Commercial s Multifamily Division. As a dedicated investment sales team creating a company that encompassed a trusted global service platform with local market expertise was crucial to delivering exceptional results to their clients. The five-man powerhouse brings mastery in all facets of the market including investment brokerage, site selection, land development, asset management, financing, property management, leasing and a robust presence in Downtown Las Vegas. The team prides themselves in their extensive history with all classes of multifamily properties and record investment sales. Since Northcap Multifamily is not bound to a larger corporate entity, they re able to conduct outreach with both various brokers and buyers bringing a local s perspective to an industry overwhelmed with out-of-market competitors. Having the largest multifamily team in Las Vegas allows them to provide the best service to their buyers and sellers. Due to their ability to apply best practices, common sense, ownership, management experience as well as government relations, to each transaction, they can easily work with every client with any need. The team is honored to be recognized as CoStar Power Brokers.

3 TABLE OF CONTENTS The Opportunity Investment Overview Property Overview Location Overview Financials Summary Actuals/Proforma Breakout Assumptions Cash Flow Analysis 7yr Comparables Sales Comps Rent Comps Las Vegas Market All Las Vegas Submarket Development/Future Projects About Northcap Multifamily Our Team

4 THE OPPORTUNITY pinehurst

5 THE OPPORTUNITY HIGHLIGHTS Units 195 Avg SF 894 Avg Rent $1,011 Net Rentable Area 174,359 YR Built 2002 Acreage 20 PINEHURST 6650 W Warm Springs Rd, Las Vegas, NV PROPERTY OVERVIEW This beautiful community consists of five beautifully designed one, two and three bedroom floor plans ranging from 700 sf up to 1156 sf. Sitting on 20 Acres of land, Pinehurst is comprised of 195 fractured condos out of 360 total units, totaling 174,359 square feet of living space. Pinehurst Luxury Apartment homes feature gourmet kitchens equipped with modern appliances, abundant counter and cabinet space, carpeting, ceiling fans, vertical blinds, spacious walk-in closets, private balconies and patios, and more. Conventional Financing Available Home Owners Association Control Value-Add Opportunity Potential Condo Sale Exit Zoning R-3 APARTMENT AMENITIES COMMUNITY AMENITIES APN Actual Occupancy 97% Actual Gross Income $2,331,012 Extra Storage Available Private Balconies and Patios Spacious Walk-In Closets Spectacular Views Available Washer/Dryer In-Unit Beautiful Lush Landscaping Clubhouse with Great Room State-Of-The-Art Fitness Centers Two Resort-Style Pools and Soothing Spas Actual NOI $1,494,107 Proforma Occupancy 96% Proforma Gross Income $2,493,914 Proforma NOI $1,540,056

6 EXTERIOR PICTURES

7 INTERIOR PICTURES

8 INTERIOR PICTURES

9 UNIT MIX / FLOOR PLANS UNIT MIX UNIT TYPE # OF UNITS SIZE PROFORMA RENT PROFORMA RENT/SF 1x1 JR $915 $1.31 1x1 LG $930 $1.20 2x2 JR $1,020 $1.09 2x2 LG $1,065 $1.04 3x $1,235 $1.07 FLOOR PLANS 1X1-700 SF - ASPEN 1X1-775 SF - BIRCHWOOD

10 UNIT MIX / FLOOR PLANS 2X2-938 SF - CEDAR 2X SF - DOGWOOD 3X2- ELM

11 LOCATION OVERVIEW N Russell Rd. mt. edge hospital 15 Sunset Rd. 215 sierra vista high school Warm Springs Rd. Durango Dr. Buffalo Dr. las vegas clark county library district Rainbow Blvd. pinehurst Jones Blvd. canarelli middle school Decatur Blvd. Blue Diamond Rd. Las Vegas Blvd.

12 AERIAL las vegas strip

13 DRIVE TIME MAP 15 min 10 min 5 min drive times 5 min 10 min 15 min Population 36, , ,025 Avg. Household Income $83,066 $73,744 $73,163 Median Household Income $67,147 $56,883 $56,388 Median Age Number of Employees 1,158 9,233 29,354

14 FINANCIALS pinehurst

15 financials INVESTMENT SUMMARY PROPERTY INFORMATION OFFERING PRICE: TBD RENTABLE AREA: 174,359 UNITS: 195 YEAR BUILT: 2002 PRICE PER UNIT: PRICE SF: CAP RATE: GRM: TBD TBD TBD TBD GROSS POTENTIAL: $2,365,020 AVERAGE RENT: $1,011 AVERAGE UNIT SIZE: 894 PHYSICAL OCC:. 97% UNIT MIX UNIT TYPE # OF UNITS SIZE PROFORMA RENT PROFORMA RENT/SF 1x1 JR $915 $1.31 1x1 LG $930 $1.20 2x2 JR $1,020 $1.09 2x2 LG $1,065 $1.04 3x $1,235 $1.07

16 ACTUAL & PROFORMA BREAKOUT ACTUAL / PROFORMA FINANCIALS T90 INCOME-FEB W/T12 EXP PER UNIT % PROFORMA PER UNIT % Gross Potential Income $2,331,212 $11,955 $2,365,020 $12,128 Less Vacancy $(100,408) -$ % $(94,601) -$ % Less Concess/Allowance $(14,588) -$ % $(23,650) -$ % Net Rentable Income $2,216,216 $11,365 $2,246,769 $11,522 RUBS $95,484 $ % $112,338 $ % Other Income $135,292 $ % $134,806 $ % Gross Operating Income $2,446,992 $12,549 $2,493,914 $12,789 Estimated Operating Expenses Payroll $315,500 $1, % $175,500 $ % Administration $47,516 $ % $14,625 $ % Management $46,475 $ % $74,817 $ % Repairs and Maintenance $104,946 $ % $58,500 $ % Utilities $13,624 $ % $14,033 $ % Advertising $16,090 $ % $19,500 $ % Property Tax $119,984 $ % $119,984 $ % HOA $240,000 $1, % 432,048 $2, % Capital Reserves $48,750 $ % $19,500 $ % Total Operating Expense $952,885 $4, % $953,857 $4, % Net Operating Income $1,494,107 $7, % $1,540,056 $7, %

17 CASH FLOW CASH FLOW Proforma Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Percent Annual Increase Gross Potential Rent 100% 5.0% 2,365,020 2,483,271 2,607,435 2,737,806 2,874,697 3,018,431 3,169,353 Less Vacancy -5.0% -0.5% (118,251) (111,747) (104,297) (95,823) (86,241) (90,553) (95,081) Gross Rental Income 95.0% 2,246,769 2,371,524 2,503,137 2,641,983 2,788,456 2,927,878 3,074,272 Other Income 3.0% 247, , , , , , ,104 Effective Gross Income 2,493,914 2,626,083 2,765,333 2,912,045 3,066,619 3,214,387 3,369,376 Percent Per Unit Per SF Operating Expenses 36% $4,662 $5.21 (934,357) (962,388) (991,259) (1,020,997) (1,051,627) (1,083,176) (1,115,671) Capital Reserves 250 $0.11 (19,500) (20,085) (20,688) (21,308) (21,947) (22,606) (23,284) Total Expenses & Reserves 3.0% (953,857) (982,473) (1,011,947) (1,042,305) (1,073,575) (1,105,782) (1,138,955) Net Operating Income 1,540,056 1,643,610 1,753,386 1,869,739 1,993,045 2,108,605 2,230,421 Debt Service (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849) Pre-Tax Cash Flow 332, , , , , ,756 1,022,572 Cash on Cash Return 5.32% 6.97% 8.73% 10.59% 12.56% 14.41% 16.36% IRR Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year % (6,250,000) 332, , , , , ,756 20,591,349

18 ASSUMPTIONS ASSUMPTIONS INCOME ASSUMPTIONS 7 YEAR CASH FLOW ASSUMPTIONS Market Rent Markets rents have been applied to achieve a annual gross potential income of $2,365,020 Vacancy Loss Bad Debt/Other RUBS Other Misc Income Vacancy rate is assuming a 4% vacancy factor Assuming 1% bad debt Factoring a $48/month Utility Reimbursment for each unit Applied a 6% Other Income Factor to account for admin fees, pets, late fees, cleaning fees and other miscelaneous charges Annual Rental Increase: 5.00% Eco. Vac. Increase: -0.50% Other Income Increase: 3.00% Expense Increase: 3.00% Est. CAP Rate Year 7: 6.00% Projected NOI Year 7: $2,230,421 EXPENSES ASSUMPTIONS PROCEEDS ASSUMPTIONS FROM SALE Payroll Assuming an annual $900/unit: $175,500 Administration Assuming an annual $75/unit: $14,625 Management Assuming 3% MGMT fee of Gross Income: $74,817 Repairs & Maintenance Assuming an annual $300/unit: $58,500 Utilities Assuming only vacant electric as HOA covers WST: $14,033 Advertising Assuming an annual $100/unit: $19,500 Property Tax Actual estimated taxes per the Clarck County Tresurer: $119,984 HOA Assuming monthly HOA fees of $140, $155, $196, $215, $245 : $432,048 Replacement Reserves Assuming an annual $100/unit in replacement reserves: $19,500 Projected Sale Price: $37,173,678 Price Per Unit: $190,634 Price Per Square Foot: $ Less Selling Costs**: $1,115,210 Net Sale Proceeds: $36,058,468 Loan Payoff: $16,489,690 Return Of Initial Equity: $3,989,690 Proceeds Before Taxes: $15,579,087 (Assuming Sale December 31, Year 7)

19 COMPARABLES pinehurst

20 SALE COMPS PROPERTY SALES PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS DATE SOLD Pinehurst 6650 W Warm Springs Rd, Las Vegas, NV TBD 174,359 TBD TBD A TBD PROPERTY SALES PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS DATE SOLD 1 Griffis Summerlin South 9550 W Sahara Ave $65,742, ,828 $ $198,019 A /31/ Hampton Garden 9750 Peace Way $27,550, ,112 $ $153,056 B /1/ Broadstone Flamingo West 9100 West Flamingo Road $52,250, ,364 $ $161,265 A /11/ Broadstone Talavera 2251 South Fort Apache Road $62,750, ,277 $ $179,286 A /11/ Cimarron Luxury Apartments 8301 West Flamingo Road $35,100, ,480 $ $146,250 B /23/2017 AVERAGE SALE PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS $44,732, ,237 $ $161,

21 SALES COMPS MAP 1 4 BROADSTONE FLAMINGO WEST GRIFFIS SUMMERLIN SOUTH 3 5 CIMARRON LUXURY APARTMENTS BROADSTONE TALAVERA 2 PINEHURST HAMPTON GARDEN

22 RENT COMPS SUBJECT PROPERTY UNITS AVG, SF PRICE PRICE/SF Pinehurst $1,011 $1.13 SUBJECT PROPERTY UNITS AVG, SF PRICE PRICE/SF Cabrillo $1,165 $1.50 Cantera at Coronado Ranch $990 $1.24 Chandler $1,055 $1.33 The Covington at Coronado Ranch $1,075 $1.35 Pinehurst $975 $ BED 2 BED 3 BED Resort at Coronado Ranch $1,030 $1.31 Spectrum $1,075 $1.46 Cabrillo $1,035 $1.52 Cantera at Coronado Ranch $990 $1.38 Chandler $1,045 $1.32 The Covington at Coronado Ranch $960 $1.41 Pinehurst $945 $1.35 Resort at Coronado Ranch $1,075 $1.20 Spectrum $1,118 $1.36 The Covington at Coronado Ranch 8 1,010 $1,405 $1.39 The Covington at Coronado Ranch $1,287 $1.39 Cantera at Coronado Ranch 7 1,036 $1,390 $1.34 Spectrum 16 1,026 $1,320 $1.29 Chandler $1,230 $1.28 Spectrum $1,199 $1.25 Resort at Coronado Ranch 124 1,098 $1,365 $1.24 Cabrillo $1,285 $1.22 Resort at Coronado Ranch 164 1,074 $1,285 $1.20 Cabrillo 59 1,124 $1,340 $1.19 Cantera at Coronado Ranch $1,130 $1.18 Pinehurst $1,020 $1.09 Chandler 172 1,142 $1,221 $1.07 Pinehurst 124 1,024 $1,070 $1.04 Cabrillo $1,490 $1.22 Cantera at Coronado Ranch $1,600 $1.21 Cantera at Coronado Ranch $1,530 $1.17 Covington at Coronado Ranch, The $1,360 $1.14 Pinehurst 21 1,156 $1,235 $1.07

23 rent COMPS MAP CANTERA AT CORONADO RANCH PINEHURST SPECTRUM RESORT AT CORONADO RANCH CABRILLO COVINGTON AT CORONADO CHANDLER

24 LAS VEGAS MARKET pinehurst

25 GREATER LAS VEGAS MARKET LOCAL MULTIFAMILY ECONOMIC INDICATORS EMPLOYMENT Rate 95.2% APARTMENT MARKET TRENDS The Las Vegas apartment market saw a large increase in the average asking rent and an increase in the vacancy rate this quarter, according to data from our apartment survey, collected by the Center for Business and Economic Research(CBER). This was the tenth consecutive quarter where the average asking rent increased. This quarter saw a 2.5 percent quarterly increase in the average asking rent and the average asking rent is now $937. Asking rents are up 6.5 percent since 2016Q2($880). The Las Vegas average asking rent is now 6.8 percent higher than it s peak in 2008($878). The average asking rent is also 26.4 percent higher than it s low in 2013($741). After two consecutive quarters with an increase in the vacancy rate, the vacancy rate increased to 7.8 percent for 2017Q2. This represents a 0.6 percentage increase since the previous quarter and a 0.4 percentage point increase since 2016Q2. The vacancy rate is now 3.1 percentage points lower than it s peak in 2009Q3(10.96%), but 3.3 percentage points higher than it s low in 2006Q1 (4.5%). AVERAGE $58,432 Median Income TOTAL JOBS 1,058,900 Clark County MARKET INDICATORS Relative to prior period Q Q4-2017* Vacancy Net Absorption Completions Rental Rate HISTORICAL SALES DATA SUMMARY STATISTICS Units Sold 15,408 22,074 12,943 Average Price Per Unit $71,836 $96,720 $113,996 Cap Rate 7.3% 5.5% 5.8% Las Vegas Market Q3-16 Q2-17 Q3-17 Vacancy Rate Asking Rent (PSF,NNN) $950 $978 $985 Net Absorption YTD (SF) New Completions YTD (SF)

26 DEVELOPMENT DEVELOPMENT PROJECTS PROJECTS NFL STADIUM Excerpt from nfl.com By Gregg Rosenthal March 2017 The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas. In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1 on Monday at the Annual League Meeting to approve the Raiders proposal to relocate to Las Vegas. The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable stadium in Oakland. The failure to do so, which goes back to Davis late father Al Davis stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium. The Autumn Wind will no longer blow through Raiders games as the team is expected to move into a planned $1.7 billion domed stadium in Las Vegas. In what is sure to be an awkward process, the Raiders won t be moving immediately. The new stadium in Las Vegas is not expected to be ready until The Raiders plan to play at the Oakland Coliseum in 2017 and 2018, Davis said in a statement. Davis also expressed openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the league would look into potential venues for In the meantime, the Raiders will remain the Oakland Raiders. My father always said, the greatness of the Raiders is in its future, and the opportunity to build a world-class stadium in the entertainment capital of the world is a significant step toward achieving that greatness, Davis said. This is a surreal moment involving one of the NFL s most iconic franchises, although NFL teams changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during which three teams announced plans for relocation. The Rams moved from St. Louis back to Los Angeles last year and the Chargers announced their decision to move from San Diego to L.A. in January. Goodell said last week on MMQB Peter King s podcast that leaving Oakland would be painful....

27 DEVELOPMENT PROJECTS NHL The Vegas Golden Knights officially joined the NHL as the league s 31st team and were formally cleared to make trades and roster transactions before the league s trade deadline. While the team finished the day without making its first transaction, Foley and general manager George McPhee are beginning to get a good sense of the team they will be able to put together following June s expansion draft and entry draft. We ve been downstairs the last 2½ days doing mock drafts with all of the pro scouts and going through every team, and George is getting calls periodically from various teams on potential ideas for things that could happen, Foley said. We ve done nothing yet. There are lots of different discussions, but we re just not in a position to make commitments. We just don t want to do something that would hamper us in the expansion draft. That s what we re all preparing for now: The focus on various players is becoming more clear and more pronounced. We re picking the same players assuming they re going to be available. Excerpt from espn.com By Arash Markazi March 2017 Foley was initially scheduled to make his final payment on April 5 to make the team an active member of the NHL, but he moved up that date up so the team could field calls during the trade deadline, and McPhee could participate in the general managers meetings in Boca Raton, Florida, next week, and Foley could prepare for the board of governors meetings next month. The whole notion of moving it up to March 1 from April 1 came up casually several months ago, McPhee said, but I said, Gee, it would be kind of nice to do it on March 1 so we can be involved in the trading deadline and I can go to the GM meetings and we can start competing for young free agents out there. Bill said, Well, if we need it, I m going to do it. That s a big help for all of us... HYPERLOOP If Hyperloop Technologies Inc. has its way, North Las Vegas could become one of the few locations for testing the futuristic transportation platform that propels pods down pneumatic tubes. With city and state officials working to make that happen, the company is expected to receive tax incentives today worth an estimated $9.2 million for a full-scale track. The company s new commitment expands upon its initial goal to create a smaller open-air test track at the largely vacant Apex Industrial Park. The full-scale 2-mile track, to be operational at Apex by the end of 2016, is expected to bring the company s workforce here to more than 100 jobs and give it a permanent presence in Nevada. Officials see it as a big economic development win. Hyperloop Tech estimates that it will invest more than $121 million, yet the technology remains untested, and experts are unsure about any company s ability to bring Hyperloop to the market soon. Excerpt from vegasinc.com By Daniel Rothberg March 2016 The Hyperloop idea came from a design floated by Tesla CEO Elon Musk, who has described the levitating pods as a mix between a Concorde supersonic passenger jet, a rail gun and an air hockey table. Los Angeles-based Hyperloop Tech is one of several teams vying to build a working model of the frictionless high-speed pods that can transport people and goods in enclosed tubes... UNLV SCHOOL OF MEDICINE Nevada lawmakers provided $27 million two years ago to get the school up and running. Governor Brian Sandoval wants to add another $53 million to that total. The request is in his current budget. Most of that money has been used to hire faculty, Atkinson said. The first 60 students in the school will pay no tuition. That means the total of their more than $100,000 in debt will be covered by a fundraising effort Atkinson spearheaded. Excerpt from knpr.org By Joe Schoenmann February 2017 With big help from the Engelstad Family Foundation -- which is paying tuition for 26 students for each of the next four years -- she raised $13.5 million in just 60 days in Meanwhile, the city of Las Vegas is expecting a big redevelopment spurt in the city s urban core from the medical school. Betsy Fretwell, city manager, said by just three years from now -- the school will have a $600 million impact on the economy; will result in more than 4,000 new jobs; and bring in an addition $30 million in tax revenue. In 13 years, those numbers are projected to quadruple...

28 DEVELOPMENT PROJECTS CONVENTION CENTER The $1.4 billion Las Vegas Convention Center expansion and improvement project authorized in a special session of the Nevada Legislature in October took a big step forward Tuesday. The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the project by unanimously authorizing an eight-month $1.28 million contract extension with its builder representative, Cordell Corp., to begin the process of designing a 600,000-square-foot exhibit hall. The first phase involved demolition of the Riviera. Between the middle of February and the end of March, Cordell officials will meet with convention authority staff, its contracted partners and customers that conduct conventions and trade shows in Las Vegas to solicit ideas for needs in the construction program. Those ideas will be reviewed by the authority board and a seven-member oversight panel appointed by Gov. Brian Sandoval to develop the building design. Excerpt from reviewjournal.com By Richard N. Velotta December 2016 Cordell principal Terry Miller said he hopes to bid the design and engineering of the project by August and have a construction process in place by the end of the year, with the groundbreaking of the new hall by early Terry Jicinsky, senior vice president of operations, said Cordell would conduct focus groups and interviews and present industry trends and best practices to develop a quality facility. We re not looking at using Italian marble and building a 300,000-square-foot ballroom, but we won t be using residential carpet either, Jicinsky said of the quality the authority will work to provide... INTERSTATE-11 Construction of the first 15 miles of Interstate 11, which will link Las Vegas to Phoenix and could eventually stretch from Mexico to Canada, is making progress. The Nevada Department of Transportation is in charge of the 2.5-mile phase one, while the Regional Transportation Commission is heading the 12.5-mile phase two. Both phases have been under construction since 2015 and are expected to be completed by The first phase of the $318 million Interstate 11 project is about 60 percent complete, according to the Nevada Department of Transportation. NDOT s phase is projected to make up $83 million of the project s total cost. We opted to use concrete pavement due to its longevity, which, federally funded studies show, costs 13 to 28 percent less in the long run than asphalt NDOT spokesman Tony Illia said. It also reduces rutting and potholes, thereby cutting maintenance expenses by up to 75 percent. Excerpt from lasvegassun.com By Mick Akers March 2017 The stretch will allow motorists to bypass the main street through Boulder City, alleviating frequent bottlenecks and quickening the drive between Las Vegas and Phoenix... HAINAN AIRLINES The maiden voyage of Hainan Airlines new non-stop service took off from Beijing and landed at McCarran International Airport in Las Vegas at 11:00 am on December 2, 2016, following a 12-hour journey. The flight, serviced by a Boeing 787 with a Kung Fu Panda motif adorning the plane s cabins, served as the announcement of Hainan Airlines formal launch of non-stop service between Beijing and Las Vegas. The new service further complements the airline s intercontinental network. Hainan Airlines is the sole Chinese airline providing non-stop service between the two cities. A brief yet grand welcoming ceremony for the maiden voyage was held by the Las Vegas Convention and Visitors Authority at the arrivals hall in McCarran International Airport, after the plane landed at the airport. Excerpt from prnewswire.com Provided by Hainan Airlines Co December 2016 Data from the US government shows that close to 7.3 million Chinese tourists are projected to travel to the US between now and Since the launch of the Beijing-Seattle service in 2008, Hainan Airlines has continued to expand its flight services to the US. Hainan Airlines non-stop flight to Las Vegas adds an additional transportation choice for business travelers, international students and tourists traveling between China and the US...

29 DEVELOPMENT PROJECTS PARADISE PARK Wynn Resorts Ltd. hopes to start construction of its Paradise Park before the end of 2017, Chief Executive Office Steve Wynn said Thursday. I think we have nailed it down, Wynn told investors and analysts on a call to discuss the company s fourth-quarter results. I hope to take the business plan to our board of directors in the second quarter and be in a position to begin work in the fourth quarter, Wynn said of the the proposed 38-acre lagoon surrounded by a convention center and hotel on the Strip. Wynn Resorts future lies in nongaming attractions, Wynn said. It is those attractions that in turn bring people to the gaming tables. We want to take our noncasino revenue to enormously high levels, he said while explaining the project s concept. Excerpt from reviewjournal.com By Todd Prince January 2017 Wynn commented after his company reported fourth-quarter net revenue rose 37.3 percent, beating analysts estimates. Shares surged despite adjusted profits missing estimates as Wynn said business was off to a strong start in China. Wynn Resort s revenue increased $353.5 million to $1.3 billion for the last three months of 2016, the company said in a statement. Wall street analysts expected the company to post revenue of $1.25 billion, based on Zacks Investment Research data... RESORTS WORLD Resorts World Las Vegas will begin full-scale construction sometime in the last three months of this year, an executive affiliated with the $4 billion project told Nevada gaming regulators today. Appearing before the Nevada Gaming Control Board almost exactly a year after the project held its ceremonial groundbreaking, Resorts World General Counsel Gerald Gardner said construction would get underway in earnest in the fourth quarter, with site activity starting to ramp up this summer. Gardner said construction of the Chinese-themed resort should be finished in early Project officials had previously said it would open in Genting Chairman K.T. Lim told board members his company s goal for Resorts World was to complement the Strip s existing resorts while creating a new and unique destination. He said he remained very excited and engaged with the plans moving forward. Once building activity is in full swing, Resorts World is expected to create about 5,000 direct construction jobs, Gardner said. Excerpt from vegasinc.com By Jeff Gillan May 2016 The resort will have about 2,500 full-time employees at opening and aims to attract both Asian and domestic tourists, Gardner said. Plans for the debut of Resorts World include a hotel tower with more than 3,000 rooms, a 150,000-square-foot casino and other amenities that Gardner said would be the latest, greatest thing on the Strip...

30 BIOS Mr. Willett joined Northcap Commercial in 2016 as a lead multifamily investment specialist for the greater Las Vegas market. Prior, Willett and his team worked at an international brokerage firm, with anchored specialty in the local multifamily industry for over 40 years. There he assisted clients in the acquisition and disposition of over 12,000 apartment units. Devin Lee, CCIM, became Director of the Northcap Multifamily division after a seven-year career with another international real estate firm where he began in 2010 after 12 years in commercial mortgage. He currently specializes in multifamily sales and financing and has been involved in over $1 billion in real estate transactions over the course of his career. robin willett Senior VP Multifamily Investments robin@northcap.com Willett began his real estate career in Las Vegas immediately after attending Fort Lewis College in Colorado. As a recognized leader in the industry, he continues to work with a spectrum of institutional firms to local owners offering unparalleled services. His skilled approach to identifying solutions and outlining opportunities gives clients the confidence needed to build consensus between decision makers on every transaction. Since obtaining his real estate license in 2006, he has shown exemplary skills in analyzing, negotiating and executing investment real estate transactions in excess of $750 million. In addition to brokerage investment services, Willett enjoys entrepreneurship endeavors and is a passive investor in several small business start-ups as well as local real estate opportunities. He is a CCIM candidate and active in many of its community outreach programs. Willett is also a certified trainer in Neuro Linguistics, an avid auto racing enthusiast and passionate about the well-being of the Las Vegas community. Devin Lee, CCIM Director Multifamily Investments Finance devin@northcap.com Mr. Lee is co-founder and president of Access Commercial Mortgage. He facilitates deals on behalf of property owners and developers nationwide. His responsibilities include oversight in origination, underwriting and placement of financing transactions with major national portfolio lenders, Wall Street conduits, life insurance companies, agency lenders and private lenders. He is also vice president of the Nevada branch for CIII Commercial Mortgage, a national Wall Street direct commercial lender. Mr. Lee earned his Certified Commercial Investment Member designation in 2005 and completed the Commercial Real Estate Program at the LIED School of Real Estate Studies in He was an active Southern Nevada CCIM chapter board member from 2006 through 2016 as well as served as the Southern Nevada CCIM chapter president in He was also a board member of Commercial Alliance Las Vegas in That same year he also became a founding member of the Inter-Capital Group, a strategic alliance of commercial mortgage brokers and bankers nationwide. Mr. Lee has been a resident of Las Vegas since He attended Valley High School and graduated Cum Laude from the University of San Diego in 1992, earning his Bachelor of Business Administration in Business Economics. Mr. Lee has been involved with several local charities including the YMCA and Nathan Adelson Hospice. His industry affiliations present and past include: Southern Nevada CCIM Chapter, CCIM Institute, Inter-Capital Group, Commercial Alliance Las Vegas, Commercial Marketing Group, Better Business Bureau, Las Vegas Chamber of Commerce, Mortgage Bankers Association, Nevada Association of Mortgage Professionals, Southern Nevada Multifamily Association and Northern Nevada Multifamily Association. Jerad Roberts started in commercial real estate as a financial analyst in 2013 and now joins the Northcap team as a multifamily specialist. His specialties include financial underwriting, cash flow analysis, day-to-day operations as well as acquisitions and dispositions of multifamily assets. He has underwritten more than $600 Million in multifamily sales in just a few short years. Jason joined the Northcap multifamily team in 2016 as an investment analyst. He previously held court at a locally based international real estate firm, specializing in multifamily research, marketing, database management and financial analysis. At the start of his career, Jerad was a financial underwriter for multifamily properties at NAI Vegas. During that tenure he underwrote more than 5,000 units and over $200 Million in sales. He is a native of Las Vegas and holds dual bachelor degrees in accountancy and business administration from the University of San Diego. Jason is a graduate from the University of Nevada Las Vegas, where he earned a Business Administration degree in Real Estate and Urban Economics. His knowledge of the field has continued to rapidly develop through his opportunities to work alongside several industry leaders. Currently, Jerad is working toward his Certified Commercial Investment Membership through and looks forward to becoming a future designee. Outside of the office he volunteers with Three Square, does committee work for CCIM and can often be found outdoors fishing or playing sports. A lifelong resident of Nevada, Jason moved to Las Vegas in 2010 from the Reno/Lake Tahoe area to attend college and eventually start his real estate career. He is an avid sports fan and can be found spectating or participating in various sporting events. jerad ROBERTS Executive VP Multifamily Investments JASON DITTENBER VP Multifamily Investments jerad@northcap.com jason@northcap.com

31 robin willett Senior VP Multifamily Investments Devin Lee, CCIM Director Multifamily Investments Finance jerad ROBERTS Executive VP Multifamily Investments JASON DITTENBER VP Multifamily Investments john tippins Chief Executive Officer Founder