OFFERING SUMMARY

Investment Highlights

• ATTRACTIVE ASSUMABLE FINANCING WITH ONLY 13% DOWN PAYMENT

• GREAT LEASING WINDOW WITH OVER 1,000 FT OF FRONTAGE

ON WEBB CHAPEL

• 1985 CONSTRUCTION WITH PITCHED ROOFS, INDIVIDUAL HVAC UNITS

AND INDIVIDUALLY METERED

• DART RAIL GREEN LINE OPENED DEC 2010 WITHIN WALKING

DISTANCE

• LOCATED NEAR MASSIVE BROOKHOLLOW INDUSTRIAL PARK

T H E C L U S T E R SA P A R T M E N T H O M E S

D A L L A S , T E X A S

R SU SH

S

M

A

E R

T HA

L UN T

T E X A

E X E C U T I V E S U M M A RY

PROPERTY The Clusters Apartments

ADDRESS 3130 Webb Chapel Dallas, Texas 75220

PRICE $4,500,000 PER UNIT $21,845PER SF $36.70

P R O P E RT Y S U M M A RY

YEAR BUILT 1985

UNITS 206

NET RENTABLE SF 122,631 sf

AVG UNIT SIZE 595 sf

LAND 3.91 acres

C O N S T R U C T I O N F E AT U R E S

STYLE Garden - Three Story Residential Buildings

EXTERIOR WALLS Brick, Stucco & Siding

ROOF STRUCTURES Pitched

FOUNDATION Concrete Slab

M E C H A N I C A L

HVAC Individual Units

ELECTRIC Individually Metered

HOT WATER Central Boiler System

TA X I N F O R M AT I O N

TAX ID 04318970

2010 ASSESSMENT $2,750,000

2010 TAX RATE 2.66%

2010 TAXES $73,099

L O A N I N F O R M AT I O N

BALANCE $3,895,000

INTEREST RATE 6.12%

ANNUAL DEBT SVC $312,000

MONTHLY DEBT SVC $26,000

MATURITY DATE August 2015

Webb Chapel Extension

Harg

rove Drive

Cridelle DriveTim

berline D

rive

SITE PLAN

LeasingOffi cePool

Pool

U N I T M I X

NO.UNIT TYPE PCT N.R.S.F. RENT

RENT PSF

DECEMBER GROSS RENT

69 1-1 524 $425 $0.81 $29,32533 1-1 575 425 0.74 14,025

100 1-1 98% 625 465 0.74 46,5004 2-2 2% 1,250 800 0.64 3,200

206 595 122,631 $452 $0.76 $93,050UNITS AVG

SIZEN.R.S.F RENT

/UNITRENT/

SFTOTAL RENT

O P E R AT I N G P R O F O R M ATotal $/SF $/Unit

INC

OM

EMonthly Revenue M O N T H L Y

Rent Schedule $93,050 $0.76 $452Concessions 7% (6,514)

Vacancy 8% (7,444)

Utility Income $20/Unit/Mth 4,120

Other Income $25/Unit/Mth 5,150

Total Revenue per Month 88,363 0.72 429A N N U A L I Z E D

Total Annual Revenue 1,060,350 8.65 5,147

EX

PE

NS

ES

Less Expenses Salaries 145,920 1.19 708

Advertising 8,000 0.07 39

Maintenance 100,000 0.82 485

Administration 30,000 0.24 146

Management Fee 3% 31,811 0.26 154

Utilities

Electricity 18,000 0.15 87

Water/Sewer 80,000 0.65 388

Gas 35,000 0.29 170

Taxes (1) 2.66% 2,750,000 73,099 0.60 355

Insurance 38,000 0.31 184

Operating Expenses 559,829 4.57 2,718 Reserves $250/Unit/Yr 51,500 0.42 250

Total Expenses 611,329 4.99 2,968

VA

LU

E

Net Operating Income 449,021 3.66 2,180Annual Debt Service 312,000

Cash Flow 137,021

Loan Amount 3,894,936 31.76 18,907

Down Payment 605,064 4.93 2,937

Total Investment $4,500,000 36.70 21,845

Cap Rate 9.98%

Cash on Cash 22.65%Notes: (1) 2011 Proposed Tax Assessment and 2010 Rate

RENT COMPARABLES

BAYOU BENDAddress: 3353 Lombardy Lane Units: 308 Occupancy: 90% Age: 1981 Avg. Unit Size: 769 sf Avg. Rent/Unit: $562 Rent/SF: $0.73 Utilities: Residential

OVER THE RAINBOWAddress: 3527 Bolivar Dr. Units: 112 Occupancy: 99% Age: 1984 Avg. Unit Size: 562 sf Avg. Rent/Unit: $569 Rent/SF: $1.01 Utilities: Residential

PLAZA DEL LAGOAddress: 3330 Webb Chapel Ext. Units: 320 Occupancy: 90% Age: 1982 Avg. Unit Size: 528 sf Avg. Rent/Unit: $446 Rent/SF: $0.85 Utilities: Residential

VICTORIANAddress: 3435 Webb Chapel Ext. Units: 127 Occupancy: 91% Age: 1982 Avg. Unit Size: 579 sf Avg. Rent/Unit: $537 Rent/SF: $0.93 Utilities: Residential

INVESTMENT HIGHLIGHTS

ATTRACTIVE ASSUMABLE FINANCING - LOW DOWN PAYMENT

Qualifi ed investors are able to acquire Clusters with an attractive assumable fi nancing package and a low 13% down payment.

OVER 1,000 FT OF FRONTAGE ON WEBB CHAPEL - DYNAMIC LOCATION NEAR EMPLOYMENT CENTER

Clusters is well occupied due to its high traffi c location (over 24,000 drivers daily) nearby the massive Brookhollow Industrial Park. This location is home

to numerous companies that create workforce employment. The property is within walking distance to both a Fiesta and Carnival Market along with

other retailers that cater to Spanish speaking shoppers. This infi ll location ensures a steady stream of perspective residents.

NEW DART RAIL GREEN LINE

Dallas welcomed the new DART Light Rail to the community in December 2010. This includes two Rail Stations within walking distance to Clusters.

The rail is a means to more mobility, more economic development, reduced congestion, and a stronger, more vibrant submarket.

C O N TA C T I N F O R M AT I O N

MARK FREEMANSenior Vice President972.774.2535 • mark.freeman@transwestern.net

TAYLOR SNODDYVice President972.774.2555 • taylor.snoddy@transwestern.net

PHILIP WIEGANDAssociate214.446.4569 • philip.wiegand@transwestern.net

Register for the offering at:www.twdallasmultifamily.com

5001 Spring Valley Road • Suite 600W • Dallas, Texas 75244972.774.2500 • 972.361.1120 fax

www.transwestern.net

LAS COLINASLAS COLINAS

DFW AIRPORTDFW AIRPORTVALLEY RANCHVALLEY RANCH

WEBB CHAPEL EXT.

WEBB CHAPEL EXT.TIM

BERLINE DR.

TIMBERLINE DR.

DENTON DR.DENTON DR.

DART RAIL GREEN LINE

DART RAIL GREEN LINELOMBARDY LN.

LOMBARDY LN.

WALNUT HILL/DENTON WALNUT HILL/DENTON STATIONSTATION

W. NORTHWEST HWY.

W. NORTHWEST HWY.

BROOKHOLLOW BROOKHOLLOW INDUSTRIAL PARKINDUSTRIAL PARK

WALNUT HILL LN.

WALNUT HILL LN.

PRESIDENT GEORGE W. BU

SH T

U

RNPIKE

CEN

TRA

L E

XP

WY.

DA

LLA

S N

OR

TH T

OLL

WAY

190

35E

635

183

161

DALLAS/FORT WORTHINTERNATIONALAIRPORT

ADDISONAIRPORT

45

CBD

30

190

35E

121

35E

75

30

DALLAS LOVEFIELD

GARLAND

RICHARDSON

CARROLLTON

COPPELL

GRANDPRAIRIE

IRVING

FLOWERMOUND

LYNDON B. JOHNSON FWY.

20

80

360

12

12

DALLAS

The information contained herein was obtained from sources believed to be reliable; however, Transwestern Commercial Services (“Broker”) or (“Transwestern”) makes no guarantees, warranties, or representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice.

Webb Chapel E

xt.Timberline Dr.

W. Northwest Hwy.

Kendale Dr. Hargrove Dr.

12

CLUSTERSA PA R T M E N T H O M E S

CLUSTERSA PA R T M E N T H O M E S

BACHMAN DART BACHMAN DART RAIL STATIONRAIL STATION

PLAZA DEL LAGOPLAZA DEL LAGO

OVER THE RAINBOWOVER THE RAINBOW

VICTORIANVICTORIAN

BAYOU BENDBAYOU BEND