Carriage Club Offering Memorandum by Heather Pushinsky

Carriage Club at Mt Arlington | Offering Memorandum

Carriage Club at Mt Arlington Mount Arlington, NJ 105 Units

Morris County Northern New Jersey

Offering MemoranDUM Mark Thomson  Tel (215) 531-7062 mark.thomson@marcusmillichap.com

Zachary Pierce  Tel (215) 531-7035 zachary.pierce@marcusmillichap.com

Steven Rutman  Tel (215) 531-7061 steven.rutman@marcusmillichap.com

Lic: PA RS292417 MD 637095 DE R40019034

Lic: PA RS310946

Lic: PA RS320021 NJ 1220094

Ridge MacLaren  Tel (215) 531-7019 ridge.maclaren@marcusmillichap.com

Clarke Talone  Tel (215) 531-7021 clarke.talone@marcusmillichap.com

Andrew Townsend  Tel (215) 531-7020 andrew.townsend@marcusmillichap.com

Lic: PA RB-063070-L, PA RM-042723-B, NJ 0673619, DE R2-0002461

Lic: PA RS299113, NJ 0787408, DE R4-0019808

Lic: PA RS304074, NJ 0680787, MD 642784, DE R4-0019885

Carriage Club at Mt Arlington

Confidentiality & 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 and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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 makes 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, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenantâ&#x20AC;&#x2122;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 makes 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT YOUR Marcus & Millichap LISTING AGENTS FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ÂŠ 2012 Marcus & Millichap

Carriage Club at Mt Arlington

Table of Contents Executive Summary

Rent Comparables

Investment Overview.......................................................................................... 1

Rent Comparable Summary........................................................................... 24 Rent Comparable Map.................................................................................... 25 Subject Property................................................................................................ 26 Rent Comparable 1.......................................................................................... 27 Rent Comparable 2.......................................................................................... 28 Rent Comparable 3.......................................................................................... 29 Rent Comparable 4.......................................................................................... 30

Property Description Property Summary.............................................................................................. 3 Common Area Amenities.................................................................................. 4 Unit Amenities...................................................................................................... 5 Exterior Photographs.......................................................................................... 6 Amenities Photographs..................................................................................... 7 Interior Photographs........................................................................................... 8 Sample of One Bedroom Floorplans.............................................................. 9 Sample of Two Bedroom Floorplans............................................................ 10 Architectural Site Plan Floor One.................................................................. 11 Community Site Plan........................................................................................ 12 Site Plan Aerial................................................................................................... 13 Construction Details......................................................................................... 14

Market Overview Location Map...................................................................................................... 32 55+ Active Adult Community......................................................................... 33 Location, Transportation & Employment Overview.................................. 34 Healthcare & Education Systems.................................................................. 35 Demographics.................................................................................................... 36

Pricing & Financial Analysis Offering Procedures.......................................................................................... 18 Detailed Unit Mix Analysis............................................................................... 19 Income & Expenses.......................................................................................... 21 Notes.................................................................................................................... 22

Carriage Club at Mt Arlington | Offering Memorandum

Executive Summary Investment Highlights Investment Overview

Executive Summary

Carriage Club at Mt Arlington

Investment Overview

Investment Highlights

Investment Overview

55 Stable asset with proven economic

Carriage Club at Mount Arlington is a luxury multi-family community built in 2003. The community consists of two residential buildings connected by a 6,000 square foot recreation center. Comprised of 105 units, this luxurious community features a strong unit mix of 64 one bedroom units ranging from 740 to 840 square feet and 41 two bedroom units ranging from 935 to 1,124 square feet. The two bedroom units have either two or two and one-half bathrooms. The units are spacious with contemporary white kitchen cabinets and appliances, in-unit washers and dryers, oversized closets, private balconies in select units, eat-in European style kitchens in select units and wall-to-wall carpeting. On the basement level there is a two-bedroom superintendent’s unit.

performance built in 2003

55 Active 55+ adult community with favorable demographics

55 Transit oriented community providing access to NYC

55 Most luxurious amenity package within a 20 mile radius

55 Deliverable at a below market PPU and above market Cap Rate

55 Opportunity for generational cash flow or future condo conversion

55 Historically high occupancy rates with low turnover

55 Spacious one and two bedroom layouts with lavish in-unit amenities

55 Located in one of the wealthiest counties in the United States with a median household income of $97,000

Carriage Club has the nicest amenity package in the submarket allowing residents to enjoy their indoor swimming pool with a hot tub, sun deck, fitness center, golf putting green, library, social room and more. The central clubhouse layout provides access to amenities without leaving the building. Both residential wings house two elevators providing elevator access to every unit. Each unit has a storage area in one of five separate storage rooms located in the basement level offered to residents free of charge. Additionally, Carriage Club at Mount Arlington coordinates and schedules daily activities most of which are currently run free of additional charges to residents. These unit and amenity attractions create strong rental demand resulting in high levels of occupancy that are consistently in excess of 95 percent with very little turnover. This 55+ active adult community has been well maintained and is the finest community within a 20 mile radius. Less than 10 years old, this is a rare opportunity to acquire a turn-key asset in Morris County, one of the wealthiest counties in the country. This community is deliverable at a below market Price Per Unit and an above market Capitalization Rate subject to an attractive Freddie Mac loan assumption. While this asset provides generational investors with long term cash flow, opportunity exists for a condominium conversion with a rebounded housing market. The adjacent property is currently selling two bedroom condominiums for $260,000 to $350,000. Located in the beautiful hills of western Morris County, the eighth wealthiest county in the country, Carriage Club at Mount Arlington is 30 minutes from New York City as well as in close proximity to some of New Jersey’s finest golf, fishing, and cultural destinations. Furthermore, the community boasts convenient access to “Main Street” as well as mall shopping. Mount Arlington has direct access to an extensive transportation network that provides multiple options for traveling throughout the county, state, and the entire mid-Atlantic region. Location and quality of community makes Carriage Club an excellent investment for a risk averse investor seeking a trophy asset with long term stable returns.

Carriage Club at Mt Arlington | Offering Memorandum

Property Description Property Summary Property Amenities Exterior Photographs Amenities Photographs Interior Photographs Site Plan Aerial Map

Property Description

Carriage Club at Mt Arlington

Property Summary Property Details Property Name

Carriage Club

Property Address

1 Hillside Drive Mount Arlington, NJ 07856 Year Built 2003 Total Units 105 Net Rentable Square Feet 91,791 Gross Square Footage 116,154 Site Overview APN Lot Size Number of Buildings Number of Stories Parking Ratio Parking Spaces

20006100020000230014 7.02 acres 2 3 1.6:1 169 spaces

Property Construction Foundation Exterior Walls Framing Roof HVAC Parking Type Balconies/Patios Pool Utilities Water Sewer Gas Electric

Concrete Brick, Stucco, Vinyl Wood Flat Central Asphalt Yes Yes

Owner Owner Owner Tenant

Property Description

Carriage Club at Mt Arlington

Common Area Amenities

About the Common Areas

Common Area Amenities

Residents enjoy access to exceptional facilities at Carriage Club. Common amenities in the recreation center are open 5am to midnight and include a living room with card table, billiard room, club room with scheduled activities including movies, bingo and monthly functions. The deck features chaise lounge chairs and a grill kitchen area. There is a 3'-4' indoor heated pool with a whirlpool hot tub and locker and shower facilities. The exercise room includes two treadmills, stationary bicycle, elliptical trainer and free weights. The common area also features a library with a garden sitting room located in the lobby of each residential wing.

55 Luxurious decorated and furnished lobby with stone fireplace

55 Indoor heated swimming pool with whirlpool and seating area

55 Outdoor golf putting green 55 Ample sun deck space and seating areas with access to outdoor grill

55 55 55 55 55 55 55

Fitness center with state-of-the-art equipment

55 Complete fire sprinkler system throughout property 55 State-of-the-art building security/intercom system 55 Insulated thermal windows with sound minimizing insulation between apartments

55 Assigned free parking 55 Elevator access to all units 55 Close proximity to shopping, hotels and walking distance to Mt. Arlington Shopping Center

Locker with shower facilities Billiard Room Living room, Library and card room Club facilities for private and multi-purpose functions Pet friendly units Additional storage on-site with one locker per unit included in the rent

55 Well-lit, professionally decorated and carpeted

hallways and common areas with heated and air conditioned hallways and common areas

Property Description

Carriage Club at Mt Arlington

Unit Amenities

About the Units

Unit Amenities

All 64-one-bedroom Carriage Club units range in size from 740-840 square feet and the 41-two bedroom units range in size from 935-1,124 square feet. There are 14 distinct one-bedroom unit plans and 12 distinct two-bedroom unit plans. All two bedroom units include two bathrooms with one handicapped accessible bathroom in each unit. All units include a utility room or closet with a stackable washer and dryer. Units are oversized and feature walkin closets and many units include eat-in kitchens and/or balconies. Each unit has an appliance package with selfcleaning range/oven with hood, microwave, dishwasher, and refrigerator/freezer. Kitchens have been finished with designer cabinetry, formica countertops, stainless steel sinks and under cabinet lighting. For residents that are unable to use the stackable washer and dryer due to handicap (etc), a washroom in the basement is also provided. Bathrooms have individually controlled supplemental heat, separate shower and bath lighting. All apartments are wired for emergency call service as well.

55 55 55 55 55 55 55 55

Stackable washer/dryer in each apartment Individually controlled heating and air conditioning Oversized closets with ventilated shelving Colonial style raised panel doors Luxurious wall-to-wall carpeting State-of-the-art fire suppression system Smoke detectors & carbon monoxide detectors Private balconies with sliding glass doors in select apartments

55 Self-cleaning range/oven, microwave hood,

dishwasher and frost-free refrigerator/freezer

55 55 55 55

Decorator cabinetry with formica countertops Stainless steel sink with under cabinet lighting Stall showers in select apartments Decorator vanities w/color coordinated countertops and ceramic tile floors

55 Separate shower/ bath lighting

55 Decorator mini blinds on windows in living room and bedrooms

55 55 55 55 55

Pre-wired for cable TV in living room and bedrooms Pre-wired for telephone and computer hookups Pre-wired for emergency call service Screens for all windows and sliding doors Eat-in European style kitchen in select apartments

Property Description

Carriage Club at Mt Arlington

Exterior Photographs

Property Description

Carriage Club at Mt Arlington

Amenities Photographs

Property Description

Carriage Club at Mt Arlington

Interior Photographs

Property Description

Carriage Club at Mt Arlington

Sample of One Bedroom Floorplans

W/D

Style P 840 sq ft

Style R 761 sq ft

This is a sample of available floor plans. Please access the deal room for full list of floor plans

Property Description

Carriage Club at Mt Arlington

Sample of Two Bedroom Floorplans

W/D

Style A 1,124 sq ft

Style D1 1,112 sq ft

This is a sample of available floor plans. Please access the deal room for full list of floor plans

Property Description

Carriage Club at Mt Arlington

Architectural Site Plan Floor One

yle F St S N ,003 1

yle St F L 40 S 7

yle St F O 10 S 8

Building B

Center

e yl St F R 61S 7 e yl F St S Q ,090 1

yle St F V 02 S 8

yle St F M 70 S 9

Recreation

yle St F T 16 S 7

yle St F U 54 S 7

Deck

Building A

Billiard Room

Library

Entry

One Bedroom

yle F St S A ,124 1

yle F St S C ,027 1

yle St F H 70 S 6

e yl F St 7 S C ,02 1

yle St F H 07 S 6

Lobby Sitting Room

yle St F F 54 S 9

Living Ma in Room Lo bby

en em ag ffice n a M O

yle St F G 54 S 9

Pantry

yle St F F 54 S 9

e yl SF St 0 J ,09 1

yle St F B 08 S 7 yle St F F 07 S 8

yle St F D 35 S 9

yle St F G 07 S 8

yle St F E 34 S 8 yle St F E 34 S 8

Sitting Room

Womens Locker

Dining Room

yle St SF D2,003 1

Library Entry

Deck

yle F St S K ,040 1

yle St F F 54 S 9

Fitness Center

ft E sq. 7

Mens Locker

yle St F E 34 S 8

yle St F F 54 S 9 Lobby

Portico

Pool

yle St F E 34 S 8

yle St F F 54 S 9

yle St F P 40 S 8

Entry

Portico

Two Bedroom

Property Description

Carriage Club at Mt Arlington

Community Site Plan

1,0

E q.ft. s 27

Hillside Drive

Se s on

Mt Arlington

Shopping Center

ive This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ÂŠ 2012 Marcus & Millichap

Property Description

Carriage Club at Mt Arlington

Site Plan Aerial

Property Description

Carriage Club at Mt Arlington

Construction Details Structural Details Year Completed Buildings / Wings

# of Stories Foundation Framing Insulation Exterior Walls Windows

Roofs Common Areas

Storage Unit Layout

Unit Finishes

2003 Two three-story buildings or wings connected in the center by recreation center and administrative buildings Residential Tower A: 55,266 square feet (54 units) Residential Tower B: 54,888 square feet (51 units) Recreation Center: 6,000 square feet 3 (Recreation Center is single-story) Poured concrete basement and slab-on-grade due to topography of site Wood frame Fiberglass batt insulation: R38 attic, R19 perimeter walls Brick and vinyl sided, including areas of synthetic stucco Insulated double pane windows (9-over-9 decorative panels) Decorator mini-blinds and screens on all windows Glass sliders on units with patios/balconies Elastometric membrane (25-year) and Fiberglass shingle over pool atrium and watchtowers Professionally decorated and carpeted hallways and common areas Main lobby in recreation center and building lobbies in each of the wings Recreation center has a main foyer with stone fireplace Health club 19'x31' Multi-purpose room 32'x33' Living room 22'x31' Kitchen Men's and ladies' bathrooms (including poolside showers and dressing areas) Pool room 42'x33' with vaulted ceilings and 3'-4' deep heated pool and whirlpool Each unit is provided with a 3'x4'x8' high storage bin in one of the five basement storage rooms 64 one-bedroom units range from 740-840 square feet and 41 two-bedroom units 935-1,124 square feet include two bathrooms One handicapped accessible bathroom in each two bedroom unit All units include utility room or closet with stackable washer and dryer and oversized and/or walk-in closets Many units include eat-in kitchens and/or balconies Colonial style raised panel doors and painted drywall finish Vinyl or ceramic tile floors in kitchen/bathroom Luxurious wall-to-wall carpeting

Property Description

Carriage Club at Mt Arlington

Construction Details Kitchens

Utility Closet Bathrooms

Patios/Balconies Building Systems Common Area HVAC

Electricity Plumbing Life Safety Systems

Security Systems

Elevators Waste Removal

Eat-in kitchen in select apartments Whirlpool appliance package in each apartment with self-cleaning oven/range with hood, microwave, dishwasher and refrigerator/freezer Decorator cabinetry with formica countertops, stainless steel sink and under cabinet lighting All units have stacked Whirlpool washer/dryer in utility closet in or off the kitchen Public front loaded laundry facility on ground floor All two bedroom units include two bathrooms (one bathroom in each unit is handicapped accessible with a step in bathtub) Units with two bathrooms include stall showers in second bathroom Bathrooms include individually controlled supplemental heat and separate shower/bath lighting Decorator vanities with coordinated countertops and ceramic tile floors 48 units contain patios (ground floor) or balconies

Gas fired, centrally heated and cooled System includes: Building A: Two 15-ton RTU H/C, One 2-ton RTU H/C and Two Reznor duct furnaces Building B: One 15-ton RTU H/C, One 7.5-ton RTU H/C, One 2-ton RTC H/C, One furnace (basement) and Two Reznor duct furnaces Recreation Building: Two 4-ton RTU H/C, One 7.5ton RTU H/C, One 5-ton RTU H/H One Dumont Unit RTU, One 2-ton TRU H/C, One Reznor furnace, One Ductless Split, Three exhaust fans, and One pool heater Adequate per BOCA code Standard plumbing fixtures All apartments wired for emergency call service Community is fully sprinklered One-hour fire rating for floors, ceilings and walls of apartments, two-hour rating between apartments and common area/egress hallways Fire safety system includes one MPC-1500 fire alarm panel and One DACT C.O. Communicator 125 smoke detectors, 15 heat detection devices, 27 pull stations, 13 carbon monoxide detectors, 13 waterflows, 13 tamper switches 23 relays, 40 horn/strobes, 10 strobes, two annunciators, and 10 duct detectors Secure buildings with state-of-the-art building security/intercom system DKS Directory/Security system secures outside doors. System operates through telephone lines with no separate intercom system Key fob access to residential wings and recreation area Individual apartments have keyed locks with deadbolt and chain Four 2,500 lb capacity hydraulic passenger elevators with access to basement level Interior trash room on each floor of wing, separate trash/recycling shoots. Paper stacked on floor for recycling. Compacter in basement

Property Description

Carriage Club at Mt Arlington

Construction Details Pool Equipment

3'-4' deep indoor heated pool with whirlpool/hot tub, locker and shower facilities

Utilities Electric Water & Sewer Gas telephone CAble

All utilities are underground PSE&G United Water Resources PSE&G All units pre-wired for telephone and internet All units pre-wired for cable in living room and bedrooms

Property specs Min. Lot Area Min. Lot Width Max. Density Max. Number of units Max. Building height Min. Front Yard Setback Min. Rear Yard Setback Min Side Yard Setback Max. Building Coverage Max. Impervious Surface Parking Requirements

REquired 5 Acres 200 Ft 15 dwelling units per acre 125 35 ft or 3 stories 50 ft 50 ft 25 ft 35% 55% 1.5 off-street parking spaces/dwelling (158 parking spaces)

Provided 7.02 Acres >200 Ft 15 dwelling units per acre 105 3 stories 103.69 ft Season's Drive; 110.2 ft Hillside Drive N/A 72.2 ft 14.6% 49.6% 169 spaces

Carriage Club at Mt Arlington | Offering Memorandum

Pricing & Financial Analysis Unit Mix Analysis Income & Expenses Financial Overview & Pricing

Financial Analysis

Carriage Club at Mt Arlington

Offering Procedures Property Details Property Name Property Address Price Units Net Rentable Square Feet Gross Square Footage Year Built Lot Size

Purchasers wishing to make an offer on the Property should submit: Carriage Club 1 Hillside Drive Mount Arlington, NJ 07856 Open Bid 105 91,791 116,154 2003 7.02 Acres

Existing Financing Offers should be submitted subject to the Assumption of the existing debt outlined below Origination Date 12/1/2010 Original Loan Amount $14,267,000 Loan Balance as of 1/1/2013 $13,776,000 Amortization 30 Years Interest Rate 4.5% Maturity Date 11/30/2020 Monthly Principal plus Interest $72,289 Annual Principal plus Interest $867,465 Lender Freddie Mac Non-Recourse Standard carve outs

55 Letter of Intent (template available upon request). 55 Source and location of the equity monies necessary to close the proposed transaction: money market account, marketable securities, etc.

55 Specific details of experience with agency assumptions or financing. 55 List of other investment real estate owned now or in the past, including property type, address, size, approximate value and period of ownership.

55 Description of the purchaserâ&#x20AC;&#x2122;s experience with investment real estate or related industries. 55 Transaction references. 55 Banking references. At the time the Owners select a purchaser, they will consider a number of factors including, price, contingency time frames, track record and the perceived ability of potential purchasers to complete the proposed transaction. Therefore, interested purchasers are encouraged to submit as much of the above as possible with the Letter of Intent. All communications, inquiries and requests, including property tours, should be addressed to your Marcus & Millichap agent. Do not directly contact the Owners or anyone at the Property. The Owners reserve the right at any time, for any reason, and in their sole and absolute discretion, to accept a preemptive offer, to reject any and all proposals, letters of intent, or expressions of interest in the Property, or to terminate discussions with any party at any time.

Financial Analysis

Carriage Club at Mt Arlington

Detailed Unit Mix Analysis One Bedroom Unit Type 1 BR 1 BA 1 BR 1 BA 1 BR 1 BA

Units 6 Units 3 Units 3 Units

Rentable SF 670 SF 708 SF 740 SF

Total SF 4,020 SF 2,124 SF 2,220 SF

Aug 2012 $/Unit $1,410.00 $1,430.00 $1,580.00

Aug 2012 $/SF $2.10 SF $2.02 SF $2.14 SF

TTL Market Potential $8,460 $4,290 $4,740

1 BR 1 BA

6 Units

752 SF

4,512 SF

$1,555.00

$2.07 SF

$9,330

1 BR 1 BA Eat In Kitchen

3 Units

753 SF

2,259 SF

$1,590.00

$2.11 SF

$4,770

1 BR 1 BA Eat In Kitchen

3 Units

802 SF

2,406 SF

$1,615.00

$2.01 SF

$4,845

1 BR 1 BA

2 Units

807 SF

1,614 SF

$1,630.00

$2.02 SF

$3,260

1 BR 1 BA Eat In Kitchen

12 Units

834 SF

10,008 SF

$1,695.00

$2.03 SF

$20,340

1 BR 1 BA Eat In Kitchen

3 Units

840 SF

2,520 SF

$1,710.00

$2.04 SF

$5,130

One Bedroom with Balcony Unit Type 1 BR 1 BA Balcony, Eat in Kitchen 1 BR 1 BA Balcony 1 BR 1 BA Balcony Corner, Eat in Kitchen 1 BR 1 BA Balcony

Units 3 Units 11 Units

Rentable SF 716 SF 750 SF

Total SF 2,148 SF 8,250 SF

Aug 2012 $/Unit $1,595.00 $1,635.00

Aug 2012 $/SF $2.23 SF $2.18 SF

TTL Market Potential $4,785 $17,985

3 Units

754 SF

2,262 SF

$1,680.00

$2.23 SF

$5,040

3 Units

761 SF

2,283 SF

$1,655.00

$2.17 SF

$4,965

1 BR 1 BA Balcony

3 Units

810 SF

2,430 SF

$1,665.00

$2.06 SF

$4,995

One Bedroom TOTAL/WTD AVG

64 Units

767 SF

49,056 SF

$1,608

$2.10

$102,935

Financial Analysis

Carriage Club at Mt Arlington

Detailed Unit Mix Analysis Two Bedroom Unit Type 2 BR 2BR Eat In Kitchen 2 BR

Units 1 Units 3 Units 4 Units

Rentable SF 935 SF 1,003 SF 1,012 SF

Total SF 935 SF 3,009 SF 4,048 SF

Aug 2012 $/Unit $1,945.00 $1,890.00 $1,905.00

Aug 2012 $/SF $2.08 SF $1.88 SF $1.88 SF

TTL Market Potential $1,945 $5,670 $7,620

2 BR

3 Units

1,040 SF

3,120 SF

$1,980.00

$1.90 SF

$5,940

2 BR

6 Units

1,124 SF

6,744 SF

$2,080.00

$1.85 SF

$12,480

Two Bedroom w/ Balcony Unit Type 2 BR Balcony 2 BR Balcony 2BR, Balcony, Eat In Kitchen

Units 4 Units 3 Units 1 Units

Rentable SF 954 SF 970 SF 1,003 SF

Total SF 3,816 SF 2,910 SF 1,003 SF

Aug 2012 $/Unit $1,955.00 $1,965.00 $2,060.00

Aug 2012 $/SF $2.05 SF $2.03 SF $2.05 SF

TTL Market Potential $7,820 $5,895 $2,060

2BR, Balcony, Eat In Kitchen

6 Units

1,027 SF

6,162 SF

$1,980.00

$1.93 SF

$11,880

2 BR Balcony

3 Units

1,090 SF

3,270 SF

$2,080.00

$1.91 SF

$6,240

2BR, Balcony, Eat In Kitchen

3 Units

1,090 SF

3,270 SF

$2,115.00

$1.94 SF

$6,345

2BR, Balcony, Eat In Kitchen

4 Units

1,112 SF

4,448 SF

$2,120.00

$1.91 SF

$8,480

Two Bedroom TOTAL/WTD AVG

41 Units

1,042 SF

42,735 SF

$2,009

$1.93 SF

$82,375

Grand TOTAL/WTD AVG

105 Units

874 SF

91,791 SF

$1,765

$2.02 SF

$185,310

Financial Analysis

Carriage Club at Mt Arlington

Income & Expenses Income Potential Rent Loss to Lease *1 Gross Potential Rent Other Income Gross Potential Income Vacancy/Collection Allowance Effective Gross Income

4.00%

Expenses Real Estate Taxes *2 Insurance *3 Gas/Oil Electric Water/Sewer Contract Services *4 Repairs & Maintenance *5 Marketing & Promotion *6 On-Site Payroll *7 Management Fee *8 General & Administrative *9 Clubhouse / Corporate Total Expenses % of EGI Expenses/Unit

3.00%

Expenses/Sq Ft

Current $2,223,720 ($154,608) $2,069,112 $11,763 $2,080,875 ($86,520) $1,994,355

Per Unit $21,178 ($1,472) $19,706 $112 $19,818 ($824)

Current $207,655 $36,750 $23,073 $65,558 $97,301 $76,650 $52,500 $21,000 $126,000 $59,831 $20,874 $3,476 $790,668 35.56% $7,530

Per Unit $1,978 $350 $220 $624 $927 $730 $500 $200 $1,200 $570 $199 $33 $7,530

$1.16

Net Operating Income Capital Reserves Net Cash Flow Before Debt Service

$1,203,687 $26,250 $1,177,437

5.00%

3.00%

Proforma $2,312,669 ($115,633) $2,197,036 $12,115 $2,209,151 ($109,852) $2,099,299

Per Unit $22,025 ($1,101) $20,924 $115 $21,040 ($1,046)

Proforma $213,885 $37,853 $23,765 $67,525 $100,220 $78,950 $54,075 $21,630 $129,780 $62,979 $21,500 $3,580 $815,741 35.27% $7,769

Per Unit $2,037 $361 $226 $643 $954 $752 $515 $206 $1,236 $600 $205 $34 $7,769

$1.20 $11,464 $250 $11,214

$1,283,558 $26,250 $1,257,308

$12,224 $250 $11,974

Current Column reflects current income annualize and trailing 12 month expenses with industry standard adjustments..

Financial Analysis

Carriage Club at Mt Arlington

Notes 1

Current Loss to Lease has been calculated based on all units at market rent minus current rent roll plus vacant units at market rate annualized. Proforma potential rent has been increased by 4% and Proforma Loss to Lease has been set at 5%

Proforma real estate taxes reflect 2012 quote

Insurance has been adjusted based on a quote received from an Insurance Broker

Contract Services include elevator contract ($6,420), snow removal ($28,259) has been reduced to $150 per unit (or $15,000), landscaping ($18,051), trash ($16,497), security ($14773), HVAC ($4,071) and exterminator ($19,180)

Repairs & Maintenance has been adjusted to an industry standard of $500 per unit

Marketing & Promotion has been adjusted to an industry standard of $200 per unit

On-Site Payroll has been adjusted to an industry standard of $1,200 per unit

An Industry Standard of 3% has been inserted for the Management Fee

General & Administrative includes all office expenses ($20,874)

Carriage Club at Mt Arlington | Offering Memorandum

Rent Comparables Rent Comparable Summary Rent Comparable Map Rent Comparable Profiles 1-4

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable Summary Units

Occupancy

Year Built

Avg One Bedroom Rent

Avg two Bedroom Rent

ď&#x201A;Ť

Carriage Club

105

96%

2003

$1,608

$2,009

1 2 3 4

Boulders at Rockaway

128

100%

2006

$1,623

$1,910

Seasons at Sparta*

85%

2000

$1,573

$1,900

Canfield Mews Apartments

192

95%

2000

$1,300

$1,550

Rustic Ridge

304

100%

1978

$1,430

$1,627

* Active Adult Community There is a limited amount of newly constructed communities or communities with a comparable amenity packages in this submarket. The Seasons at Sparta is the only 55+ Independent living Community within a 20 mile radius.

Average One Bedroom Rents

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Average Two Bedroom Rents

$(300)

$200

Carriage Club

Boulders at Rockaway

Seasons at Sparta

Canfield Mews Apartments

Rustic Ridge

Carriage Club

Boulders at Rockaway

Seasons at Sparta

Canfield Mews Apartments

Rustic Ridge

Carriage Club

$700

Boulders at Rockaway

$1,200

Seasons at Sparta

$1,700

Canfield Mews Apartments

$2,200

Rustic Ridge

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable Map

2 Seasons at Sparta

Carriage Club at Mt Arlington )

1 Boulders at Rockaway

Rustic Ridge 4

Canfield Mews Apartments 3

Rent Comparables

Carriage Club at Mt Arlington

Subject Property Comparable Rental Analysis Unit Type

Subject Property

Details

Carriage Club at Mt Arlington

Units

105

1 Hillside Drive

Occupancy

96%

Mount Arlington, NJ 07856

Year Built

2003

Common Area Amenities

Low Range

High Range

Average

$/Sq Ft

1 BR 1 BA

755

$1,410

$1,710

$1,608

$2.10

2 BR 2 BA

1,043

$1,890

$2,120

$2,009

$1.93

Subject

Unit Amenities Subject * in select units

Subject

R   R  R R R R

Sq Ft

Business Center Common Area Wireless Concierge Services Fitness Center Garage Parking Pet Friendly Social Room Storage Room Swimming Pool

 R R R   R R R

* Stainless Steel Appliances

Dishwasher Updated Counter Tops Updated Cabinetry Fireplaces Hardwood Floors Wall-to-Wall Carpeting Washer/Dryer In Unit Walk-in Closet

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable 1 Comparable Rental Analysis Unit Type

Rent Comparable 1

Details

Boulders at Rockaway

Units

10 Mt. Pleasant Avenue Dover, NJ 07801 Date Surveyed

Comp

Subject

128

105

Occupancy

100%

96%

Year Built

2006

2003

High Rent

Avg Rent

$/Sq Ft

1 BR 1 BA

785

$1,550

$1,695

$1,623

$2.07

2 BR 2 BA

1,091

$1,895

$1,925

$1,910

$1.75

3 BR 2 BA

1,254

$2,550

$2,600

$2,575

$2.05

Comp Subject

Comp * Subject * in select units

Business Center Common Area Wireless Concierge Services Fitness Center Garage Parking Pet Friendly Social Room Storage Room Swimming Pool

$500

$1,000

0 R R R 0 R 0 R R

0 R R R 0 0 R R R

Stainless Steel Appliances Dishwasher Updated Counter Tops

$1,500

$2,000

$2,500

$1,608 $1,623

Avg One Bedroom

$2,009 $1,910

Avg Two Bedroom Carriage Club

Unit Amenities

R 0 0 R 0 R R R R

Low Rent

9/25/2012

Common Area Amenities

0 0 0 0 0 R 0 R R

Sq Ft

Boulders at Rockaway

Summary The Boulders at Rockaway is located 6.3 miles from the subject property in a superior location. This community is designated for market rate renters. Construction is comparable to the subject property, however, amenities are inferior. Tenants are responsible for gas and electric. Landlord pays water, trash removal, and sewage.

Updated Cabinetry Fireplaces Hardwood Floors Wall-to-Wall Carpeting Washer/Dryer In Unit Walk-in Closet

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable 2 Comparable Rental Analysis

Rent Comparable 2

Details

Seasons at Sparta

Units

84 Sparta Ave Sparta, NJ 07871 Date Surveyed

Comp

Subject

105

Occupancy

85%

96%

Year Built

2000

2003

Low Rent

High Rent

Avg Rent

$/Sq Ft

1 BR 1 BA

663

$1,310

$1,835

$1,573

$2.37

2 BR 1 BA

810

$1,900

$2.35

Comp Subject

Comp * Subject * in select units

Business Center Common Area Wireless Concierge Services Fitness Center Garage Parking Pet Friendly Social Room Storage Room Swimming Pool

$500

$1,000

0 R R R 0 0 R 0 R

0 R R R 0 0 R R R

Stainless Steel Appliances Dishwasher Updated Counter Tops

$1,500

$2,000

$2,500

$1,608 $1,573

Avg One Bedroom

$2,009 $1,900

Avg Two Bedroom Carriage Club

Unit Amenities

R 0 0 R 0 R R R R

Sq Ft

9/25/2012

Common Area Amenities

0 0 R 0 0 R R R 0

Unit Type

Seasons at Sparta

Summary The Seasons at Sparta is located 12.4 miles from the subject property in an inferior location. This community is designated for renters over the age of fifty five years old. Construction and amenities are inferior to the subject property. Tenants are responsible for gas and electric. Landlord pays water, trash removal, and sewage.

Updated Cabinetry Fireplaces Hardwood Floors Wall-to-Wall Carpeting Washer/Dryer In Unit Walk-in Closet

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable 3 Comparable Rental Analysis Unit Type

Rent Comparable 3

Details

Comp

Subject

Canfield Mews Apartments

Units

192

105

3101 Barclay Court

Occupancy

95%

96%

Randolph, NJ 07869

Year Built

2000

2003

Date Surveyed

1 BR 1 BA

770

2 BR 2 BA

1,051

Comp Subject

Comp * Subject * in select units

Business Center Common Area Wireless Concierge Services Fitness Center Garage Parking Pet Friendly Social Room Storage Room Swimming Pool

$500

0 R R R 0 R 0 R R

0 R R R 0 0 R R R

Stainless Steel Appliances Dishwasher Updated Counter Tops

High Rent

Avg Rent

$/Sq Ft

$1,300

$1.69

$1,550

$1.47

$1,000

$1,500

$2,000

$2,500

$1,608

Avg One Bedroom

$1,300 $2,009

Avg Two Bedroom

$1,550

Carriage Club

Unit Amenities

R 0 0 R 0 R R R R

Low Rent

9/25/2012

Common Area Amenities

0 0 0 0 0 0 0 R R

Sq Ft

Canfield Mews Apartments

Summary Canfield Mews Apartments is located 5.8 miles from the subject property in a superior location. This community is designated for market rate renters. Construction is comparable to the subject property, however, amenities are inferior. Tenants are responsible for gas and electric. Landlord pays water, trash removal, and sewage.

Updated Cabinetry Fireplaces Hardwood Floors Wall-to-Wall Carpeting Washer/Dryer In Unit Walk-in Closet

Rent Comparables

Carriage Club at Mt Arlington

Rent Comparable 4 Comparable Rental Analysis Unit Type

Rent Comparable 4

Details

Rustic Ridge

Units

289 Mt. Hope Avenue Dover, NJ 07801 Date Surveyed

Comp

Subject

304

105

Occupancy

100%

96%

Year Built

1978

2003

1B1B

780

$1,200

1B2B

1,157

$1,495

2B1B

992

$1,600

2B2B

1,404

$1,505

3B2B

1,616

$1,825

Comp Subject

Comp * Subject * in select units

Business Center Common Area Wireless Concierge Services Fitness Center Garage Parking Pet Friendly Social Room Storage Room Swimming Pool

$500

0 R R R 0 0 R 0 R

0 R R R 0 0 R R R

Stainless Steel Appliances Dishwasher Updated Counter Tops Updated Cabinetry Fireplaces

High Rent

Avg Rent

$/Sq Ft

$1,200

$1.54

$1,545

$1.34

$1,600

$1.61

$1,775

$1,640

$1.17

$2,100

$1,963

$1.21

$1,595

$1,000

$1,500

$2,000

$2,500

$1,608

Avg One Bedroom

$1,430 $2,009

Avg Two Bedroom

$1,627

Carriage Club

Unit Amenities

R 0 0 R 0 R R R R

Low Rent

9/28/2012

Common Area Amenities

0 0 0 0 0 0 0 R R

Sq Ft

Rustic Ridge

Summary Rustic Ridge Apartments is located 6.4 miles from the subject property in a superior location. This community is designated for market rate renters. Construction and amenities are inferior to the subject property. Tenants are responsible for electric and gas. Landlord pays water, trash removal, and sewage.

Hardwood Floors Wall-to-Wall Carpeting Washer/Dryer In Unit Walk-in Closet

Carriage Club at Mt Arlington | Offering Memorandum

Market Overview Location Map Location, Transportation & Employment Overview Healthcare & Education systems Demographics Summary

Market Overview

Carriage Club at Mt Arlington

Location Map  Lake Hopatcong Yacht Club

 Berkshire Valley State Wildlife Management Area  Roxbury Senior Health Shore Hills Country Club Golf  Skylands Medical Group  Mt Arlington Dentistry Rockaway Town Plaza Mt ARlington Plaza • • • •

Blossom Asian Bistro Cracker Barrel Restaurant Quick Chek MAC Fitness Center

 Carriage Club at Mt Arlington

• • • • •

Macy's Lord & Taylor JC Penney Dick's Sporting Goods AMC Theatre 16

• • • • •

Sears Apple Best Buy Target Michaels

(sample of stores in and around Rockaway Town Plaza)

Mt Arlington Station

• Dover • Montclair • Newark

• Secaucus Junction • Hoboken • Penn Station NYC

 St Clare Medical Center Ledgewood & Roxbury shopping • • • • •

Barnes & Noble BJ's Ramsey Outdoor Shop Rite Pharmacy Home Depot

• • • • •

Macy's WalMart Walgreens Kohl's US Post Office

(sample of stores in the Ledgewood and Roxbury Mall complexes)

Market Overview

Carriage Club at Mt Arlington

55+ Active Adult Community

The Baby Boomer Generation The baby boomer generation is the population group born between 1946 and 1964 and represents 44% of the United State population. Those born in the earlier years of this generation are eligible to live in The Carriage Club at Mt Arlington, where residents must be 55 years of age or older. It has been reported that boomers control 70% of the total net worth of American households resulting in $7 trillion of wealth. Based on a Consumer Expenditure Survey the baby boom generation have the highest average household income of $68,028 and the highest household spending of $50,101 of any age group. Baby Boomers account for a dramatic 49% of total consumer demand - even in a recession. Between now and 2030, the 1849 segment is expected to grow by 12%, while the 50+ segment will expand by 34%. By 2050, there will be 161 million 50+ consumers, representing 63% growth over 2010. The richest 20% of baby boomers have seven times as much money as the median and will inherit the better part of $1 trillion in the next ten years. By 2020, when the last boomers turn 55, they will own $20 trillion

in assets, or $461,000 per household on average. Due to the age range among boomers, and the fact that this generation is in the midst of turning 55, there will be a prolonged impact of this group that will be felt for many years to come.

The percentage of potential residents aged 55 years and older is expected to increase for the next 20 years as the demographic trends of the region lead to an older population.

Morris County Age & Income Morris County has a considerably high median household income estimated at $96,747 between 2006-2010, compared to $69,811, for New Jersey. Mt. Arlington has an estimated median household income of $79,514. The immediate area has a somewhat older population than that of New Jersey or the nation. The median age in Mt. Arlington is 39.5 years, as compared to 39.0 in Morris County and 36.3 in New Jersey. The median age in the United States is 34.6 years. Morris County has 150,000 residents or 23.4% of its population, aged 55 years or age or older. Within a 45-minute drive, spanning two counties of The Carriage Club at Mt Arlington, there are 150,000 residents aged over 55 years of age or older, or 22.5% of the population. This compares to 22.1% for the United States.

Market Overview

Carriage Club at Mt Arlington

Location, Transportation & Employment Overview Driving Distance

Ideal Northern Jersey Location

Transportation infrastructure

Carriage Club at Mt. Arlington is located in Morris County, the heart of the Boston-Washington corridor, the nation's wealthiest region and home to 60,000+acres of parkland, twenty public and private golf courses and year round recreational opportunities for its active residents. The New Jersey Highlands is a 1,250 square mile area in the northwest noted for its scenic beauty and environmental significance. The region stretches from Phillipsburg in the southwest to Ringwood in the northeast and lies within seven counties (Hunterdon, Somerset, Sussex, Warren, Morris, Passaic and Bergen) and includes 88 municipalities.

Mt. Arlington has direct access to an extensive transportation network that provides multiple options for traveling throughout the county, state and the entire midAtlantic region. State highways include Interstates 80, 280 and 287, US Routes 15, 206, 46, 10 and 53. Nearby ports and airports are some of the busiest in the nation, and Morristown Municipal Airport provides 24-hour access for domestic and international corporate travel. And the Newark Liberty International Airport, the busiest air facility in the New York Metropolitan Area, is less then 30 minutes away. Newark Liberty (EWR) is an international airport within the city limits of both Newark and Elizabeth, New Jersey. Morris County's quality transportation infrastructure helps the community succeed with access to high quality road networks and public transportation.

The Carriage Club residents are strategically located within convenient reach of cultural and recreational opportunities in and around Morris County. The county boasts many cultural destinations such as the Morris Museum, Shakespeare Theater of New Jersey, the Frelinghuysen Arboretum, Morristown National Historical Park and more.Â In addition to these amenities, Carriage Club is also a short drive from the Jersey Shore and its 120 miles of beaches, as well as the Pocono Mountains for summer and winter recreation and New York City is only thirty minutes away.

Public transportation service in Morris County is primarily provided by the NJ Transit system, which offers both statewide service and local service between Morris, Essex, Passaic and Sussex Counties via their extensive rail and bus stations. The Morris Area Paratransit System also provides curb to curb service for 60+ disabled residents who are unable to reach standard transit lines.

Distance

Time

New York, NY

30 min

Boston, MA

249

4 hrs 30 min

Washington, DC

230

4 hrs 30 min

Philadelphia, PA

2 hrs

Baltimore, MD

196

3 hrs 32 min

There is also the Lakeland Bus, Coach USA, Parsippany Transit, Colonial Coach and MTA Buses that provide regional transit to New York City and other destinations. The Arlington train station is located .8 miles from Carriage Club at Mt Arlington. Morris County Employment Morris County is New Jersey's top business destination, where cutting edge business leaders find across-theboard quality in every critical locational attribute. Morris County enjoys a highly diversified economy driven by powerful industry sectors and is home to nearly fifty Fortune 500 companies, as well as a variety of leading companies in the Healthcare, Professional & Technical Services and Pharmaceutical industries. Major area employers include: Accenture, ADP, AlcatelLucent, AT&T, Atlantic Health Systems, Automatic Switch Company, BASF, Bayer, Deloitte & Touche, Honeywell, Howmet, an Alcoa business, Jersey Central Power & Light, Johnson & Johnson, Kraft Foods, Novartis, Pfizer, Inc, PricewaterhouseCoopers, Realogy Corporation, State Farm Insurance, Transistor Devices, Inc., Tiffany & Co., United Parcel Service (UPS), Verizon, Wyndham Worldwide and Wyeth.

Market Overview

Carriage Club at Mt Arlington

Healthcare & Education Systems Economy

Morris

Unemployment Rate

6.50%

8.60%

Recent Job Growth

2.29%

Future Job Growth

Morris

School Expenditures

$8,411

$5,691

0.35%

Pupil/Teacher Ratio

13.3

15.3

38.08%

32.10%

Students/Counselor

749

513

Sales Taxes

7.00%

5.00%

2 yr College Grad.

5.60%

6.48%

Income Taxes

2.45%

4.70%

4 yr College Grad.

27.03%

16.02%

Income per Cap.

$46,246

$26,154

Graduate Degrees

16.99%

8.97%

Household Income

$95,229

$50,935

High School Grads.

90.59%

80.82%

These employers occupy some of the county's inventory of nearly 27 million square feet of office space, much of which is managed by nationally recognized real estate developers including: First Industrial Realty Trust, RexCorp Realty, Mack-Cali Realty Corporation, The Rockefeller Group Development Corporation, and SJP Properties. Businesses operating in Morris County enjoy a number of competitive advantages including some of the lowest corporate, small-business, and personal income taxes in the Region. Tax rebates for job creation, utility incentives and a wide range of financing and assistance programs further enhance the county's appeal as a business destination. Projections show ongoing growth, with Morris County adding 47,000+ jobs by 2012 and the surrounding state closely pacing national real output through 2025. And with small-business growth tracking population growth nationwide, the county's expanding population bodes well for entrepreneurs. Healthcare System Morris County and the surrounding area enjoys the quality coverage of three major hospitals and top healthcare facilities, including St. Clare's Hospital, Chilton Memorial and Morristown Memorial.

Education

Saint Clare's is the New Jersey partner with the worldrenowned Memorial Sloan-Kettering Cancer Center and the first acute-care hospital in the state to be awarded accreditation with commendation four consecutive times. Morristown Memorial Hospital, part of Atlantic Health Systems, has been serving the Morris County community for over 100 years, setting high standards of medical care. Their commitment and quality of care has also earned national recognition. AARP recently rated the cardiac program #4 among all U.S. cardiac surgery hospitals. Their cancer care includes radiation therapies that only two other U.S. hospitals can offer, and they have a separate hospital on their campus where kids are treated like kids. Chilton Memorial, a voluntary, non-profit, non-sectarian, community hospital, offers short-term acute care and services as a center for the promotion of community health. The 256 bed hospital has 500 physicians and 1,000 alliedhealth professionals serving an 11-town primary service area whose combined population exceeds 150,000. Chilton Memorial made history in 1996 by becoming the first New Jersey hospital to receive a perfect score and Accreditation with Commendation from the Joint Commission on Accreditation of Healthcare Organizations,

the nation's oldest and largest accrediting body. Education System Education is vital to Morris County's success. Schools are top-notch and the percentage of our labor force holding a college degree is nearly three times the national average. Morris County communities offer a diverse mix of public and private educational opportunities. The county has 22 public high schools, as well as the Morris County School of Technology. Education is enhanced by the County's three four-year colleges and universities and the County College of Morris, all of which offer both liberal arts and professional development programs. Nearby Colleges and Universities include the County College of Morris, Drew University, Fairleigh Dickinson University and the College of St. Elizabeth. The local colleges and universities fuel workforce development, and the region's civilian labor force is projected to grow at a healthy rate through 2012. The county has a civilian labor force of 269,689 and boasts a very highly-educated population. Specifically, over 47% have a bachelors degree while 18% hold advanced degrees. Over 92% of the population over age 25 has a high school diploma.

Market Overview

Carriage Club at Mt Arlington

Demographics People QuickFacts

MOrris

Median value of owner-occupied housing units, 2006-2010

$474,700

$357,000

Population, 2011 estimate

494,976

8,821,155

Households, 2006-2010

178,638

3,176,069

Population, 2010 (April 1) estimates base

492,276

8,791,894

Persons per household, 2006-2010

2.69

Population, percent change, April 1, 2010 to July 1, 2011

0.5%

0.3%

Per capita money income in past 12 months 2006-2010

$47,342

$34,858

Population, 2010

492,276

8,791,894

Median household income 2006-2010

$96,747

$69,811

Persons under 5 years, percent, 2010

5.4%

6.1%

Persons under 18 years, percent, 2010

23.3%

23.2%

Business QuickFacts

Morris

Persons 65 years and over, percent, 2010

14.2%

13.7%

Private non-farm establishments, 2010

16,776

228,937

Female persons, percent, 2010

51.0%

51.3%

Private non-farm employment, 2010

275,054

3,367,169

Morris

Private non-farm employment, percent change, 2000-2010

-9

-5.1

White persons, percent, 2011 (a)

85.2%

74.1%

Nonemployer establishments, 2010

38,742

604,723

Black persons, percent, 2011 (a)

3.5%

14.6%

Morris

Asian persons, percent, 2011 (a)

9.4%

8.7%

Total number of firms, 2007

52,546

781,622

Persons reporting two or more races, percent, 2011

1.6%

1.9%

Black-owned firms, percent, 2007

2.1%

7.7%

Persons of Hispanic or Latino Origin, percent, 2011 (b)

11.8%

18.1%

Asian-owned firms, percent, 2007

7.2%

8.7%

White persons not Hispanic, percent, 2011

74.4%

58.9%

Hispanic-owned firms, percent, 2007

5.2%

8.7%

Women-owned firms, percent, 2007

24.3%

27.3%

Morris

NJ 116,608,094

Morris

Living in same house 1 year & over, 2006-2010

90.9%

89.4%

Foreign born persons, percent, 2006-2010

18.7%

20.3%

Manufacturers shipments, 2007 ($1000)

7,631,668

Language other than English, pct age 5+, 06-2010

23.5%

28.7%

Merchant wholesaler sales, 2007 ($1000)

17,440,010 233,413,004

High school graduates, 2006-2010

93.1%

87.3%

Retail sales, 2007 ($1000)

8,756,311

124,813,580

Bachelor's degree or higher, 2006-2010

48.4%

34.6%

Retail sales per capita, 2007

$18,032

$14,453

Veterans, 2006-2010

26,985

488,675

Accommodation and food services sales, 2007 ($1000)

1,129,752

19,993,613

Mean travel time to work (minutes), 2006-2010

29.7

29.8

Building permits, 2011

547

12,952

Morris

Housing units, 2011

190,659

3,562,553

gEography QuickFacts

Morris

Homeownership rate, 2006-2010

76.6%

66.9%

Land area in square miles, 2010

460.18

7,354.22

Housing units in multi-unit structures, 2006-2010

25.0%

36.0%

Persons per square mile, 2010

1,069.8

1,195.5

Mount Arlington, NJ 105 Units

Mark Thomson  Tel (215) 531-7062 mark.thomson@marcusmillichap.com

Ridge MacLaren  Tel (215) 531-7019 ridge.maclaren@marcusmillichap.com

Lic: PA RS292417 MD 637095 DE R40019034

Lic: PA RB-063070-L, PA RM-042723-B, NJ 0673619, DE R2-0002461

Zachary Pierce  Tel (215) 531-7035 zachary.pierce@marcusmillichap.com

Clarke Talone  Tel (215) 531-7021 clarke.talone@marcusmillichap.com

Lic: PA RS310946

Lic: PA RS299113, NJ 0787408, DE R4-0019808

Steven Rutman  Tel (215) 531-7061 steven.rutman@marcusmillichap.com

Andrew Townsend  Tel (215) 531-7020 andrew.townsend@marcusmillichap.com

Lic: PA RS320021 NJ 1220094

Lic: PA RS304074, NJ 0680787, MD 642784, DE R4-0019885

Carriage Club at Mt Arlington | Offering Memorandum

Carriage Club at Mt Arlington