37 WASHINGTON

An existing 32,000 SF mill building within a proposed 88-unit residential redevelopment of a former industrial mill complex in the Smart Growth District of Melrose, Massachusetts.

OAKGROVE RESIDENTIAL provided comprehensive Development Services on behalf of the Investors, including entitlement, permitting, design, financing and sales. In addition, Property Management and Asset Management Services including vendor oversight, cash management, capital improvements, valuation analysis, and performance measurement.

PROJECT HIGHLIGHTS

* 56 loft type mill apartment units

* 32 podium type apartment units

* Average unit size: 1,000 NRSF

* Average base rent: $2.00 per NRSF

FINANCIAL PARAMETERS

* Est. Total Project Cost: $20.0M

* Est. Equity Requirement: $5.0M

* Stabilized Return on Cost: 7.5%

* Stabilized Cash on Cash: 10.0%

* 3 Year IRR: 25%+