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

COMPELLING OPPORTUNITY

FOR OPERATIONAL UPSIDE

Due to the size of the property, new ownership with internal or larger third-party management will have the ability to easily absorb the
property’s modest unit count within their portfolio and capitalize on economies of scale by leveraging their capabilities within the MSA. This
will lead to several opportunities to streamline expenses.

SIGNIFICANT RENT DELTA

COMPARED TO CURRENT

LIHTC RENT CAPS ▲

Guardian Place currently commands market rents of $917, 12% below LIHTC properties in the 12%
market that currently have the ability to achieve rents in excess of $1,040 per unit on average. RENTS BELOW LIHTC
PROPERTIES
This delta provides new ownership the opportunity to push in-place rents in the near term with
new leases and renewals.

14 | NORTHMARQ