Page 102 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

$9,500,000

- The Birches – Richmond, VA – 98 units – 1956 YOC – Sold in 2017 – Affordable/Workforce -

$5,550,000

3) Conflicts of interest. Properties listed which directly compete and any possible
ownership positions by you or principals in your firm, which compete.

The Colliers Multifamily team currently has no conflicts that prevent our firm from
having a successful transaction at Guardian Place. In addition, our principals are
not invested or associated with competing properties.

We would highlight our current involvement with Acclaim at Carriage Hill in
Richmond. With Acclaim currently being marketed, the most active buyers and
capital sources are presently looking at opportunities in Richmond. The timing is
ideal as the marketing phase of Acclaim will have been completed just as we
anticipate the official marketing of Guardian Place to begin. Our vast experience in
Richmond has shown that having a nearby property on the market ultimately will
lead to more property tours, additional offers, and more aggressive pricing at
Guardian Place.

4) Valuation Questions:

Pricing structure:

• Sales range: probable range of sales value-high and low- if sold to a non-profit vs profit.

Guardian Place I: Aggressive: $15,600,000
Target: $14,300,000
Conservative: $13,000,000
Guardian Place II: Aggressive: $14,300,000
Target: $13,000,000

Conservative: $12,300,000
Our pricing range takes into account all active buyer pools including institutional, high net
worth, private client, family office, non-profit, and for-profit. We recently represented Greystar
and The Carlyle Group in the successful sale of Overture to Westminister Canterbury, an active
non-profit group. This sale process was competitive with traditional market rate, for profit and
non-profit groups all actively competing for the property.

• The stretch price -the price which you feel pushes the outer limits of the market.

Guardian Place I: Aggressive Pricing: $15,600,000 +
Guardian Place II: Aggressive Pricing: $14,300,000 +