E X C L U S I V E

O F F E R I N G M E M O R A N D U M

T I G E R C OT TA G E S
LUXURY STUDENT HOUSING
3220 IOWA STREET
BATON ROUGE, LA
NON-ENDORSEMENTS
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates
or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from
Marcus & Millichap Real Estate Investment Services of Tennessee, Inc. and should not be made available to any other person or entity without written consent. This
Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the
subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation,
and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the
size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or
intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any
investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All
potential buyers must take appropriate measures to verify all of the information set forth herein. Seller retains all rights and discretion to determine the offer and
acceptance process including but not limited to the right to accept or reject any offer in its sole and absolute discretion. Seller shall only be bound by duly executed and
enforceable agreements entered into, if any.

ALL MATTERS PRIVILEGED AND CONFIDENTIAL.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they
may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to
perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and
acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or
engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for
questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential
volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

BROKER OF RECORD: Activity ID: ZAD0310096

Chris Shaheen
Lic #. BROK.995692662-ACT
TOURS & SCHEDULES
VISITS & COMMUNICATION
Marcus & Millichap invites qualified investors to learn more about Tiger Cottages in
Louisiana, LA by reviewing this confidential offering memorandum and touring the
community. All communications, inquiries, and requests should be addressed to the deal
team contacts outlined to the left, as representatives of the Seller. In order to avoid
disrupting the Property’s ongoing operations, do not contact on-site management,
residents, or any personnel at the property.

OFFER SUBMISSION
Please direct offers to a team member on this page. We request that offers be submitted in
the form of a non-binding Letter of Intent, identifying the significant terms and conditions of
the Bidder’s offer including, but not limited to, the following: 1) asset pricing, 2) earnest
money deposits, 3) due diligence and closing time frames and 4) a description of the debt
and equity structure. The Seller is desirous of negotiating with a qualified Buyer that can
offer the most beneficial combination of price and terms to the Seller. The Seller retains the
right to modify the sale/marketing process at any time.

TABLE OF CONTENTS

PROPERTY MARKET FINANCIAL MARKET

OVERVIEW COMPARABLES ANALYSIS OVERVIEW
 SECTION ONE

PROPERTY OVERVIEW
TIGER COTTAGES
01
 INVESTMENT HIGHLIGHTS

CLASS-A STUDENT HOUSING ASSET WITH RENTAL UPSIDE

 Unique Class-A Cottage Style Student Housing Asset Consisting of 22-
Beds/6-Units Built in 2020
 Premium Unit Interior Finishes Include Stainless Steel Appliances, Stained
Concrete Floors, Raised Panel Cabinetry, Recessed Lighting and More
 Value Add Opportunity of Furnishing all Units and Increasing Rents by
11.27%
 Premier Location only 400 Feet from to Louisiana State University Which
Boasts an Enrollment of 34,285
 Newest Student Housing Property Built at Louisiana State University
 Only one Student Housing Property Under Construction in the LSU
Student Housing Market and is set to Deliver Fall of 2023 (Vue on Parker)
 Located 1.5 Miles from Downtown Baton Rouge, Louisiana’s Capital City,
Full of Restaurants and Retail
 Premier Walkability to Tiger Stadium and all Colleges on the North Side
of Campus

PREMIER STUDENT HOUSING LOCATION

 400 Feet to University of West Florida (34,285 Total Enrollment)
 4-Minutes to Downtown Baton Rouge, Louisiana’s Capital City
 4-Minutes to Government Street (Major East/West Retail Corridor)

BATON ROUGE, LOUISIANA: AT A GLANCE

 Home to the Largest Institution of Higher Learning in the State: LSU

 2 nd Largest City in Louisiana
 County Population of 456,781 (2020 Census)
 Unemployment Rate of 3.2% (Regions Record Low in Recorded History)
 24.4% Projected 10-Year Job Growth (Bestplaces)
 $61,000 Median Household Income in 2020
 $57 Billion Gross Domestic Product in 2020

5
 V I TA L P R O P E R T Y DATA
PROPERTY OVERVIEW
PROPERTY NAME Tiger Cottages
PROPERTY ADDRESS 3220 Iowa Street
CITY, STATE Baton Rouge, LA
COUNTY East Baton Rouge Parish
ASSESSOR’S PARCEL NUMBER 1310420363
NUMBER OF UNITS 6 Units
NUMBER OF BEDS 22 Beds
UNIT MIX 3x3.5 Cottages (28%), 4x4.5 Cottages (72%)
RENTABLE SQUARE FEET 8,950 SF
AVERAGE UNIT SIZE 1,492 SF
NUMBER OF BUILDINGS (6) Residential
NUMBER OF STORIES Two
YEAR BUILT 2020
LOT SIZE 0.46 Acres +/-
CURRENT UNIT MIX SUMMARY
CURRENT DENSITY (UNITS/ACRE) 13.04 +/- Units Per Acre
# OF % OF SIZE IN-PLACE
TYPE OF OWNERSHIP Fee Simple UNIT TYPE BEDS TOTAL (SF) RENT/BED $/SF
FINANCING Free and Clear 3 BR/3.5 BD COTTAGE 6 28% 1,323 $641 $1.69

4 BR/4.5 BD COTTAGE 16 72% 1,576 $653 $1.81

UTILITIES TOTAL/WTD. AVG. 22 100% 1,492 $650 $1.78

WATER/SEWER Resident Currently Pays

TRASH REMOVAL Landlord Currently Pays
CONSTRUCTION
ELECTRICITY Resident Currently Pays
FOUNDATION Concrete Slab
CABLE Resident Currently Pays
FRAMING Wood Frame
INTERNET Resident Currently Pays
EXTERIOR Siding
PEST CONTROL Landlord Currently Pays
ROOFING Pitched – Asphalt Shingle
HVAC Central A/C
WASHER/DRYER Appliances in All Units

6
U N I T I N T E R I O R P H OTO S

7
 PROPERTY AERIAL
TI G E R S TA D I UM A T
L O UI S I A N A S T A T E
UN I V E R S I T Y

L O U I S I A N A S T A T E UN I V E R S I T Y
ENROLLMENT: 34,285
PETE MARAVICH
ASSEMBLY CENTER

8
 SECTION TWO

M A R K E T C O M PA R A B L E S
TIGER COTTAGES
02
 R E N T C O M PA R A B L E S M A P

3
2
1

TIGER COTTAGES

1 Ion Baton Rouge 2 Venue at North Gate 3 Campus Crossing on Highland 4 The Sterling 5 Alight Baton Rouge

10
 R E N T C O M PA R A B L E S

SORTED BY:
Three-Bedroom Units Sorted by Net Rent/Bed
Concessions Utilities Adj.
Property Year Built Unit Type Furnished Washer/Dryer SF Market Rent Adj./Month Month Net Rent Net Rent/SF
Ion Baton Rouge 2015 3x3 - Penthouse Furnished Appliances 1,040 $823 $0 $35 $788 $2.27
Ion Baton Rouge 2015 3x3 - Penthouse Furnished Appliances 1,166 $823 $0 $35 $788 $2.03
Tiger Cottages (Pro Forma) 2020 3x3.5 Furnished Appliances 1,323 $745 $0 $15 $730 $1.66
Ion Baton Rouge 2015 3x3 Furnished Appliances 1,104 $720 $0 $35 $685 $1.86
Ion Baton Rouge 2015 3x3 Furnished Appliances 1,257 $720 $0 $35 $685 $1.63
Tiger Cottages (Avg. Effective) 2020 3x3.5 None Appliances 1,323 $642 $0 $15 $627 $1.42
Venue at North Gate 2004 3x3 Furnished Appliances 1,058 $649 $0 $25 $624 $1.77
Campus Crossing on Highland 2004 3x3 Furnished Appliances 1,064 $619 $0 $35 $584 $1.65
The Sterling 2006 3x3 Furnished Appliances 1,301 $575 $0 $35 $540 $1.25
The Sterling 2006 3x3 Furnished Appliances 1,248 $565 $0 $35 $530 $1.27
Alight Baton Rouge 2013 3x3 Furnished Appliances 1,253 $555 $0 $35 $520 $1.25
Average of Comps 2010 1,166 $672 $638 $1.66

SORTED BY:
Four-Bedroom Units Sorted by Net Rent/Bed
Concessions Utilities Adj.
Property Year Built Unit Type Furnished Washer/Dryer SF Market Rent Adj./Month Month Net Rent Net Rent/SF
Ion Baton Rouge 2015 4x4 - Penthouse Furnished Appliances 1,451 $740 $0 $25 $715 $1.97
Ion Baton Rouge 2015 4x4 - Penthouse Furnished Appliances 1,412 $740 $0 $25 $715 $2.03
Tiger Cottages (Pro Forma) 2020 4x4.5 Furnished Appliances 1,576 $715 $0 $15 $700 $1.78
Tiger Cottages (Avg. Effective) 2020 4x4.5 None Appliances 1,576 $653 $0 $15 $638 $1.62
Ion Baton Rouge 2015 4x4 - XL Furnished Appliances 1,707 $640 $0 $25 $615 $1.44
Ion Baton Rouge 2015 4x4 - XL Furnished Appliances 1,648 $640 $0 $25 $615 $1.49
Ion Baton Rouge 2015 4x4 - XL Furnished Appliances 1,974 $640 $0 $25 $615 $1.25
Ion Baton Rouge 2015 4x4 - XL Furnished Appliances 1,607 $640 $0 $25 $615 $1.53
Venue at North Gate 2004 4x2 Furnished Appliances 1,194 $609 $0 $25 $584 $1.96
Ion Baton Rouge 2015 4x4 Furnished Appliances 1,322 $564 $0 $25 $539 $1.63
The Sterling 2006 4x4 Furnished Appliances 1,478 $495 $0 $25 $470 $1.27
Alight Baton Rouge 2013 4x4 Furnished Appliances 1,529 $445 $0 $25 $420 $1.10
Average of Comps 2010 1,532 $615 $590 $1.57

11
 SECTION THREE

F I N A N C I A L A N A LY S I S
TIGER COTTAGES
03
 UNIT MIX

Current Market Rent Average Effective Pro Forma Projection

No. of Rentable Total Total Total No. of Total
Unit Type W/D Status Beds SF/Unit SF Rent / Bed Per SF Monthly Rent / Bed Per SF Monthly Beds Rent / Bed Per SF Monthly
3x3.5 Appliances 6 Beds 1,323 SF 2,646 SF $650.00 $1.47 SF $3,900 $641.50 $1.45 SF $3,849 6 Beds $745.00 $1.69 SF $4,470

4x4.5 Appliances 16 Beds 1,576 SF 6,304 SF $650.00 $1.65 SF $10,400 $653.13 $1.66 SF $10,450 16 Beds $715.00 $1.81 SF $11,440
Totals / Wtd. Averages 22 Beds 407 SF 8,950 SF $650.00 $1.60 SF $14,300 $649.96 $1.60 SF $14,299 22 Beds $723.18 $1.78 SF $15,910

Unit Distribution Current Occupancy

72.7%

100.00%

0.00%

27.3%

Three Bedroom Four Bedroom

Occupied Units Vacant Units

13
 INCOME AND EXPENSES
Year 0 (Projected Going-In) Year 1 (Pro Forma)
Number of Units Year 0
Net Rentable Area Current Income End of Year 1
Adjusted Expenses % of GPR Per Bed Projection % of GPR Per Bed
INCOME
GROSS POTENTIAL RENT
All Units at Market Rent $171,600 7,800 $190,920 8,678
Gain (Loss)-to-Lease ($12) 0.01% (1) ($7) 0.00% (0)
GROSS POSSIBLE RENT $171,588 RR 01/22 7,799 $190,913 8,678

Physical/Economic Loss
Physical Vacancy ($8,579) Mrkt 5.00% (390) ($9,546) Mrkt 5.00% (434)
Total Physical/Economic Loss ($8,579) 5.00% (390) ($9,546) 5.00% (434)

NET RENTAL INCOME $163,009 95.00% 7,409 $181,368 95.00% 8,244

EFFECTIVE GROSS INCOME $163,009 7,409 $181,368 8,244

EXPENSES
Real Estate Taxes % of EGI % of EGI
2021 Taxes Paid $206 0.13% 9 $206 0.11% 9
Adjustment for Sale $11,590 7.11% 527 $11,590 6.39% 527
Non-Ad Valorem $0 0.00% 0 $0 0.00% 0
Total Real Estate Taxes $11,795 7.24% 536 $11,795 6.50% 536

Insurance $6,001 T12 3.68% 273 $6,001 T12 3.31% 273

Utilities
Water/Sewer $1,983 T12 1.22% 90 $1,983 T12 1.09% 90
Electric (Common) $1,280 T12 0.79% 58 $1,280 T12 0.71% 58
Trash Removal $1,182 T12 0.73% 54 $1,182 T12 0.65% 54
Total Utilities $4,445 2.73% 202 $4,445 2.45% 202

Total Non-Controllable Expenses $22,242 13.64% 1,011 $22,242 12.26% 1,011

Contract Services
Landscaping $1,990 T12 1.22% 90 $1,990 T12 1.10% 90
Total Contract Services $1,990 1.22% 90 $1,990 1.10% 90

Repairs & Maintenance $3,300 Mrkt 2.02% 150 $3,300 Mrkt 1.82% 150
Marketing & Promotion $282 T12 0.17% 13 $282 T12 0.16% 13
Management Fee $9,621 T12 5.90% 437 $10,705 T12 5.90% 487
Replacement & Reserves $3,300 Mrkt 2.02% 150 $3,300 Mrkt 1.82% 150
Total Controllable Expenses $18,494 11.35% 841 $19,577 10.79% 890

TOTAL EXPENSES $40,735 24.99% 1,852 $41,819 23.06% 1,901

NET OPERATING INCOME $122,273 75.01% 5,558 $139,549 76.94% 6,343

14
 C A S H F LO W A N A LY S I S

Year 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10
(Acquisition) YE Mar-2023 YE Mar-2024 YE Mar-2025 YE Mar-2026 YE Mar-2027 YE Mar-2028 YE Mar-2029 YE Mar-2030 YE Mar-2031 YE Mar-2032
INCOME
GROSS POTENTIAL RENT
All Units at Market Rent $171,600 $190,920 $196,648 $202,547 $208,623 $214,882 $221,329 $227,968 $234,808 $241,852 $249,107
Gain (Loss)-to-Lease ($12) ($7) ($3) $0 $0 $0 $0 $0 $0 $0 $0
GROSS POSSIBLE RENT $171,588 $190,913 $196,644 $202,547 $208,623 $214,882 $221,329 $227,968 $234,808 $241,852 $249,107

Physical/Economic Loss
Physical Vacancy -$8,579 -$9,546 -$9,832 -$10,127 -$10,431 -$10,744 -$11,066 -$11,398 -$11,740 -$12,093 -$12,455
Total Physical/Economic Loss -$8,579 -$9,546 -$9,832 -$10,127 -$10,431 -$10,744 -$11,066 -$11,398 -$11,740 -$12,093 -$12,455

NET RENTAL INCOME $163,009 $181,368 $186,812 $192,420 $198,192 $204,138 $210,262 $216,570 $223,067 $229,759 $236,652

EFFECTIVE GROSS INCOME $163,009 $181,368 $186,812 $192,420 $198,192 $204,138 $210,262 $216,570 $223,067 $229,759 $236,652

EXPENSES
Real Estate Taxes $11,795 $11,795 $12,149 $12,514 $12,889 $13,276 $13,674 $14,084 $14,507 $14,942 $15,390
Insurance $6,001 $6,001 $6,181 $6,366 $6,557 $6,754 $6,957 $7,166 $7,380 $7,602 $7,830
Utilities $4,445 $4,445 $4,579 $4,716 $4,858 $5,003 $5,154 $5,308 $5,467 $5,631 $5,800
Contract Services $1,990 $1,990 $2,050 $2,111 $2,175 $2,240 $2,307 $2,376 $2,447 $2,521 $2,596
Repairs & Maintenance $3,300 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306
Marketing & Promotion $282 $282 $291 $299 $308 $318 $327 $337 $347 $358 $368
Management Fee $9,621 $10,705 $11,026 $11,357 $11,698 $12,049 $12,410 $12,783 $13,166 $13,561 $13,968
Replacement & Reserves $3,300 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306
TOTAL EXPENSES $40,735 $41,819 $43,074 $44,366 $45,697 $47,068 $48,480 $49,934 $51,433 $52,975 $54,565

NET OPERATING INCOME $122,273 $139,549 $143,738 $148,054 $152,495 $157,070 $161,782 $166,636 $171,635 $176,784 $182,087

Cash Flow Projection Growth Rate Assumptions

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
Income
Gross Potential Rent 11.26% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
(Loss) / Gain to Lease* 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Expenses
Expenses 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Mangement Fee** 5.90% 5.90% 5.90% 5.90% 5.90% 5.90% 5.90% 5.90% 5.90% 5.90% 5.90%
Economic Occupancy / (Loss) Summary & Projections
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
Physical Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Total Economic Loss 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 15
 SECTION FOUR

MARKET OVERVIEW
TIGER COTTAGES
04
 LO U I S I A N A S TAT E U N I V E R S I T Y

34,285 6,460 330 3.45 22:1 1,500 5,000

2020 2020 ACADEMIC FIELDS AVERAGE STUDENT ACADEMIC ADMINISTRATIVE
TOTAL ENROLLMENT GRADUATE OF STUDY HIGH SCHOOL TO STAFF STAFF STAFF
ENROLLMENT GPA RATIO

Louisiana State University represents the largest institution of higher education in the state of Louisiana and is the only public university in the state to be designated a
Carnegie Research University with Very High Research Activity. Among a handful of distinguished universities to enjoy land, sea, and space-grant status, LSU offers vital
research opportunities for graduate and undergraduate students as it transforms new technology into an enterprise and lends expertise to solve endemic problems.
LSU is uniquely situated to provide a rich educational experience. Their success as the Flagship campus of Louisiana has been attained not only by harnessing the
intellectual capital of their faculty and students but also by exploiting the geographic and cultural capital that can only be found in Louisiana.
LSU is ranked in the top tier for "Best National Universities" for the 11th-straight year and is the only public university in Louisiana ranked in the top tier this year.

17
 B ATO N R O U G E , L A

456,781 35.8 $61,000 24.4% 3.2% 2nd

2020 2020 2020 MEDIAN PROJECTED UNEMPLOYMENT RATE LARGEST CITY
POPULATION MEDIAN AGE HOUSEHOLD INCOME 10-YEAR JOB GROWTH (LOWEST IN IN LOUISIANA
(County) (38.2 U.S. MEDIAN) REGIONS HISTORY)

18
 A M A Z O N R O B OT I C S F U L F I L L M E N T C E N T E R

Amazon is planning on opening a new 820,000 square-foot

robotics fulfillment center in the Baton Rouge, which will be
the second in the state of Louisiana. The new center will bring
over 1,000 full-time jobs to the area with at least $15 per
hour and comprehensive benefits.

"This is the one we've been waiting for, Amazon's project is

transformational, both for creating a thousand jobs and
serving as a model of intentional economic development. It's
been a great team effort of state and local leadership to get
this project in place. The blighted Cortana Mall will be
reinvented into a modern logistics hub that will catalyze
investment in the Florida Boulevard corridor and beyond.“

- President and CEO Adam Knapp of Baton Rouge Area

Chamber

19