MISSION RIDGE OM 30 UNITS by TEAM EKUS

VOLUME REAL ESTATE OFFERING MEMORANDUM PORTFOLIO INVESTMENT OPPORTUNITY Las Vegas, Nevada

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 VOLUME REAL ESTATE and should not be made available to any other person or entity without the written consent of VOLUME REAL ESTATE. 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. VOLUME REAL ESTATE 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, 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 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, VOLUME REAL ESTATE has not verified, and will not verify, any of the information contained herein, nor has VOLUME REAL ESTATE 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. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR VOLUME REAL ESTATE AGENT 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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. ÂŠ 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE CONTENTS PRICING & FINANCIAL ANALYSIS.............................................................................. 4 OFFERING SUMMARY ............................................................................................ 4 ANNUALIZED OPERATING DATA ................................................................................ 4 OPERATING BUDGET (SCHEDULE A) ........................................................................... 4 PROPERTY PHOTOS .............................................................................................. 5 PROPERTY DESCRIPTION ...................................................................................... 7 INVESTMENT HIGHLIGHTS ................................................................................... 7 SUBJECT ADDRESSES & INCOME ............................................................................... 8 LOCATION OVERVIEW ........................................................................................... 9 MARKET OVERVIEW ............................................................................................ 9 MAJOR EMPLOYERS ........................................................................................... 9 POPULATION GROWTH ....................................................................................... 9 LARGE TOURISM INDUSTRY ................................................................................ 10 STRONG EMPLOYMENT GROWTH ......................................................................... 10 GEOGRAPHY ................................................................................................. 10 METRO ........................................................................................................ 10 INFRASTRUCTURE ........................................................................................... 11 ECONOMY .................................................................................................... 11 LABOR ........................................................................................................ 12 EMPLOYERS .................................................................................................. 12 DEMOGRAPHIC REPORT .................................................................................... 13 QUALITY OF LIFE ............................................................................................ 13 DEMOGRAPHIC ANALYSIS .................................................................................... 14 SUMMARY REPORT ............................................................................................. 14 INCOME ....................................................................................................... 14 RACE & ETHNICITY ......................................................................................... 14 HOUSING ..................................................................................................... 15 REGIONAL MAP ................................................................................................. 15 REGIONAL AERIAL MAP ........................................................................................ 16 AERIAL MAP..................................................................................................... 17 POPULATION DENSITY ........................................................................................ 18 EMPLOYMENT DENSITY ........................................................................................ 19 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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. © 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE AVERAGE HOUSEHOLD INCOME .............................................................................. 20 LISTING BROKER .............................................................................................. 21

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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. ÂŠ 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE PRICING & FINANCIAL ANALYSIS OFFERING SUMMARY Price Down Payment Rentable Square Feet Price/Rentable SF Year Built Parcel Size

$1,450,000 $50,000 26,280 55.17 1989 N/A

ANNUALIZED OPERATING DATA GROSS POTENTIAL INCOME GROSS ACTUAL INCOME VACANCY TOTAL OPERATING EXPENSES (SCHEDULE A) NET OPERATING INCOME (PRO FORMA) CAP RATE

$ 270,000 $ 232,452 $ 18,900 $ 120,257 $ 149,743 10.3

NOTE: Loan information is time sensitive and subject to change.

OPERATING BUDGET (SCHEDULE A) ITEM REAL ESTATE TAXES INSURANCE MANAGEMENT FEE RESERVE JANITORIAL WATER ELECTRICAL GAS AIR CONDITIONING LANDSCAPING HOA 1 CAPITAL CONTRIBUTION MISC. OTHER TOTAL

AMOUNT $ 11,370 $ 5,000 $ 18,000 $0 $ 6,000 $0 $ 1,000 $0 $0 $0 $ 64,800 $0 $ 14,087 $ 120,257

MEMO 370 ea / Yearly

Change Overs Provided by HOA Change Overs N/A (Everything is electric) Provided by HOA $180 ea / mo x 12 mo = $2,160 x 30

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE PROPERTY PHOTOS

Community Pool

Exterior (Typical)

Living Room (Typical)

Dining Area (Typical)

Kitchen (Typical)

Bedroom (Typical)

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE ADDITIONAL PHOTOS:

Master Bathroom (Typical)

Main Bathroom (Typical)

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE PROPERTY DESCRIPTION INVESTMENT HIGHLIGHTS Units Year Built Type Bed Baths Fireplace Unit sq. ftg. st 1 Floor / 2nd Floor Construction Type Vacancy Assumable Financing Owner Carryback Subdivision Name HOA Name Association Features Condo Conversion Construction Defect Schools

30 1989 Condominium 2 ea. 2 ea. 1 ea. 876 ea. 19 / 11 Wood / Stucco 6% Total No No Mission Ridge Village Mission Ridge CCRS/ Gated / Community Pool / Community Spa Yes Unknown as of 10/2/2011 ELEM: REDR / JUNIOR: GRSD / HIGH: SIER

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE SUBJECT ADDRESSES & INCOME (Schedule B Actual) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

APN 138-36-515-496 138-36-515-490 138-36-515-486 138-36-515-503 138-36-515-394 138-36-515-393 138-36-515-380 138-36-515-378 138-36-515-375 138-36-515-372 138-36-515-481 138-36-515-473 138-36-515-470 138-36-515-467 138-36-515-465 138-36-515-450 138-36-515-362 138-36-515-357 138-36-515-351 138-36-515-345 138-36-515-344 138-36-515-342 138-36-515-341 138-36-515-332 138-36-515-328 138-36-515-326 138-36-515-325 138-36-515-268 138-36-515-264 138-36-515-406

St# 5220 5220 5220 5250 5251 5251 5261 5261 5261 5261 220 220 220 220 230 230 200 200 201 201 201 201 201 211 211 211 211 5260 5260 231

Street Name Unit# MISSION CARMEL 206 MISSION CARMEL 204 MISSION CARMEL 108 MISSION CARMEL 104 MISSION CARMEL 204 MISSION CARMEL 105 MISSION CARMEL 207 MISSION CARMEL 201 MISSION CARMEL 104 MISSION CARMEL 107 MISSION CATALINA 205 MISSION CATALINA 105 MISSION CATALINA 108 MISSION CATALINA 103 MISSION CATALINA 205 MISSION CATALINA 104 MISSION LAGUNA 204 MISSION LAGUNA 101 MISSION LAGUNA 207 MISSION LAGUNA 105 MISSION LAGUNA 106 MISSION LAGUNA 108 MISSION LAGUNA 101 MISSION LAGUNA 202 MISSION LAGUNA 106 MISSION LAGUNA 108 MISSION LAGUNA 101 MISSION MONTEREY 207 MISSION MONTEREY 103 MISSION NEWPORT 108 Monthly TOTAL: NL = No Lease (Month to Month) Yearly TOTAL:

Rent $699 $699 $700 $730 $700 $750 $700 NL $700 $699 $700 NL $750 $700 VACANT VACANT $700 $760 $700 $799 $700 $760 $725 $700 $700 $700 $700 $750 NL $700 $700 $750 NL VACANT $19,371 $232,452

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE LOCATION OVERVIEW Las Vegas, located in Clark County, is the most populous city in the state of Nevada. It is world renowned as a major resort city and for its gambling, shopping, and fine dining. Often referred to as the “Entertainment Capital of the World,” Las Vegas is a popular destination for international travelers due to its unique and lively city life. Famous for “The Strip,” a 4.2 mile stretch of Las Vegas Boulevard which most of the landmark hotels are located is where much of the city’s economy is focused. The economy’s primary drivers are tourism, gaming and a broad spectrum of conventions, which then feed the retail and dining industries. Over 19,000 conventions were held in Las Vegas in 2009 and more than 36 million people visited the city in the same year. The city serves as the headquarters for the world’s two largest Fortune 500 gaming companies, Harrah’s Entertainment and MGM Resorts International. In order to diversify its economy, the city made efforts to attract manufacturing, banking and other commercial industries and did so successfully. Constant population growth remained strong into the early 2000s and Las Vegas is also a growing retirement and family city, developing all the way to the holdings of the Bureau of Land Management, increasing values of the land. The desert city is home to the University of Nevada, Las Vegas, an urban research institution, with more than 28,000 Students enrolled.

MARKET OVERVIEW MAJOR EMPLOYERS Clark County School District, Clark County Government, Wynn Las Vegas, The Bellagio, MGM Grand, Mandalay Bay Resort & Casino, UNLV, Las Vegas Metro Police Department, Caesars Palace, Mirage Casino and Hotel. Union Pacific offers freight rail service connecting the area directly to California and Salt Lake City. In next five years, the region's work force is projected to increase by an average of 3.4 percent annually. The education and health services, professional and business services, and leisure and hospitality sectors will account for large shares of the new jobs.

POPULATION GROWTH The Las Vegas population has recorded some of the nation's most significant growth, increasing over 150 percent since 1990. 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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. © 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE LARGE TOURISM INDUSTRY More than 35 million tourists visit Las Vegas annually, producing gaming revenues in excess of $8 billion.

STRONG EMPLOYMENT GROWTH Job creation will average 3.5 percent annually through 2015.

GEOGRAPHY The Las Vegas metro is situated at the bottom of southern Nevada and is proximate to the Hoover Dam, the Colorado River and Lake Mead. The city proper is largely bounded by mountains, government lands and military facilities, putting developable land at a premium.

METRO The Las Vegas MSA is comprised of Clark County and boasts a population of 1.9 million. Henderson, North Las Vegas, Spring Valley and Las Vegas were among the fastest growing cities in the United States over the last decade. Las Vegas is the largest city in the metro, with 581,000 persons.

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE INFRASTRUCTURE Interstates 215 and 515 form a beltway around the Las Vegas metro, facilitating development in outlying areas, particularly to the west and southwest. The MSA is also served by Interstate 15, which stretches from Southern California to Salt Lake City. U.S. 93 travels south, linking Las Vegas to Interstate 40, and U.S. 95 runs northwest to Reno. McCarran International Airport, located minutes from the Las Vegas Strip, accommodates nearly 40 million passengers annually. Other air service is provided by four general aviation airports: North Las Vegas Airport, Henderson Executive Airport, Jean Sport Aviation Center and Overton/Perkins Field. RTC Transit provides public bus service throughout Las Vegas, Henderson, North Las Vegas and the suburbs.

ECONOMY Tourism and gaming remain the top drivers for the Las Vegas economy. Economic diversification and growth in the professional and business services sector, mainly housing-related professions, fueled considerable payroll expansion prior to the recession. As the metro gradually regains its footing, the professional and business services sector will help lead the local economic recovery, growing over 3 percent annually through 2015. All 10 of the nation's largest hotels are located in Las Vegas. One of the newest additions is the $3.9 billion, 3,000-room Cosmopolitan of Las Vegas resort. Along with gaming, conventions also play an integral part in the local economy. Since 2000, convention attendance has exceeded 5 million delegates annually, providing a significant boost to the local economy. The Las Vegas Convention Center is one of the largest in the world, containing 2 million square feet of exhibition space and 144 meeting rooms. Population-serving sectors of the economy, such as education, healthcare and retail sales, have grown in importance over the past two decades due to the population nearly tripling in size. Las Vegas will continue to attract new businesses over the coming years with its low tax structure.

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE LABOR Las Vegas’ labor force has grown at a robust rate since 2000 to approximately 790,000 workers. After population growth faltered through the downturn, expansion will resume as the national economy recovers and well-paying service-industry jobs draw residents to the region. Las Vegas is one of only a few places in the nation where service-level jobs can command wages comparable to white-collar positions. Give the metro’s dominant tourism industry, the leisure and hospitality sector accounts for 30 percent of all local jobs. Through 2015, this sector is forecast to produce 47,000 new positions as tourism strengthens in step with national job growth. The second largest sector is trade, transportation and utilities, which comprises 18 percent of the work force, followed by professional and business services, with 13 percent. Although payrolls across the MSA contracted through the downturn, the local employment outlook is improving. As the recovery builds momentum over the

EMPLOYERS Resorts and casinos continue to dominate the list of largest employers in the Las Vegas MSA, led by the Wynn Las Vegas, MGM Grand and Caesars Palace. Back-office operations have become increasingly prevalent in the metro over the past few years. Factors such as a low cost of living allow major companies to affordably staff call centers and fill data-entry positions. Distribution centers and light manufacturing facilities have popped up throughout the MSA. Ocean Spray and Levi Strauss, both Fortune 500 companies, operate regional distribution centers in Las Vegas. OfficeMax and Fellowes Manufacturing also maintain local facilities. As the national recovery sets in and the need for industrial space improves, Las Vegas' proximity to other major metros will draw additional distributors. Nellis Air Force Base has a population of more than 9,000 personnel and contains the most squadrons of any Air Force installation. Nellis' primary role is warfare training for air and ground. It is the home of the United States Air Force Warfare Center, Air Combat Command.

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE DEMOGRAPHIC REPORT The Las Vegas MSA registered substantial population growth over the past 20 years. During that time, the local population more than doubled to nearly 2 million residents. Although the recent recession slowed in-migration, strengthened economic conditions will gradually stimulate growth going forward, with forecasts calling for an annual population increase of 2.6 percent over the next five years.

270 miles from 285 miles from 450 miles from 570 miles from

Los Angeles Phoenix Reno San Francisco

Las Vegas is a popular destination for retirees. Since 1990, the 65-plus age segment in the metro has averaged growth of 5 percent annually. The highest level of population gains, however, occurred in the 45to 64-year-old cohort, which grew an average of 5.8 percent each year during that time. Net migration accounts for over 70 percent of the MSA’s population growth, with the remainder attributable to natural increases. This trend will continue over the next decade as Las Vegas’ affordable housing and numerous employment opportunities attract residents. The median household income in the Las Vegas MSA, at $57,900 per year, is above that of $52,500 annually for the nation. The median income level is expected to rise 7 percent by 2015. The median home price, at $136,520, has afforded almost 51 percent of households to own their home.

QUALITY OF LIFE With approximately 320 days of sunshine annually and an average temperature of 80 degrees, residents and visitors alike have plenty to do. Water sports enthusiasts can take advantage of various activities at Lake Mead and the Colorado River, including boating, fishing, water skiing and sailing. Red Rock Canyon Conservation Area, located less than 20 miles from the Strip, offers outstanding hiking and mountain-climbing opportunities. Just 40 miles northwest of Las Vegas is the Las Vegas Ranger District, which encompasses the 316,000-acre Toiyaba National Forest. The area has 52 miles of hiking trails, 150 campsites and snow skiing at Lee Canyon. Las Vegas is home to the University of Nevada-Las Vegas (UNLV), which offers higher education to an annual enrollment of 29,000 students. The institution has received national recognition for its hotel management, criminal justice and social work programs. Other colleges in Las Vegas include the Community College of Southern Nevada, which has an annual enrollment of 43,000. 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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. © 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE DEMOGRAPHIC ANALYSIS SUMMARY REPORT Population In 2010, the population in your selected geography is 219,133. The population has changed by 118.10% since 2000. It is estimated that the population in your area will be 256,170 five years from now, which represents a change of 16.90% from the current year. The current population is 50.68% male and 49.32% female. The median age of the population in your area is 38.3 compare this to the US average which is 37.1. The population density in your area is 2,790.08 people per square mile. Households There are currently 88,751 households in your selected geography. The number of households has changed by 115.41% since 2000. It is estimated that the number of households in your area will be 107,100 five years from now, which represents a change of 20.67% from the current year. The average household size in your area is 2.47 persons.

INCOME In 2010, the median household income for your selected geography is $68,594 compare this to the US average which is currently $51,517. The median household income for your area has changed by 42.88% since 2000. It is estimated that the median household income in your area will be $74,908 five years from now, which represents a change of 9.20% from the current year. The current year per capita income in your area is $34,268, compare this to the US average, which is $27,867. The current year average household income in your area is $85,602 compare this to the US average which is $72,148.

RACE & ETHNICITY The current year racial makeup of your selected area is as follows: 74.13% White, 4.76% Black, 0.54% Native American and 11.87% Asian/Pacific Islander. Compare these to US% averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 19.97% of the current year population in your selected area. Compare this to the US% average of 15.45%. 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. VOLUME is a service mark of VOLUME REAL ESTATE of Nevada, Inc. ÂŠ 2011 VOLUME REAL ESTATE

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE HOUSING The median housing value in your area was $146,811 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 23,560 owner occupied housing units in your area and there were 17,642 renter occupied housing units in your area. The median rent at the time was $753. Employment In 2010, there are 119,966 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 55.0% of employees are employed in white-collar occupations in this geography, and 45.1% are employed in blue-collar occupations. In 2010, unemployment in this area is 8.88%. In 2000, the median time traveled to work was 21.2 minutes.

REGIONAL MAP

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE MAJOR ROADWAYS Interstates 15 Interstates 215 Interstates 515 U.S. Highways 93 U.S. Highways 95

MAJOR CITIES Las Vegas Henderson Paradise North Las Vegas Sunrise Manor Spring Valley

581,000 252,300 215,100 213,400 180,000 169,700

REGIONAL AERIAL MAP

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE AERIAL MAP

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE POPULATION DENSITY

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE EMPLOYMENT DENSITY

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE AVERAGE HOUSEHOLD INCOME

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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VOLUME REAL ESTATE LISTING BROKER

Barak Nizgoda

(702) 338-3839 Barak9@gmail.com

10220 W. CHARLESTON BLVD. #3 LAS VEGAS NV 89135 Office (702) 853-2400 / Fax (702) 853-2498

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