OFFERING MEMORANDUM

Investment Highlights
Summary Returns at Market Price
Positive Leverage
With current interest rates at historical lows between 3.45 percent and 4.25 percent, Courtney Court
offers investors the opportunity to acquire a newly constructed asset at a cap rate well above current
interest rates..
New Construction Property
The units were constructed in 2009 and include high end finishes such as slab granite countertops,
Brazilian hardwoods, gas fireplaces, and stainless steel appliances.
Development Pipeline
Currently, Everett has no new significant multifamily projects planned for construction through at least 2015.
Proximity to Boeing
Courtney Court is located just a couple of miles from Boeing’s Everett facility, the world’s largest
building by volume and home to over 30,000 employees. Most recently, Boeing was awarded a $35
billion contract to build air-refueling tankers for the US Air Force. Winning the tanker contract secures
11,000 direct and indirect jobs in the Everett area.
Purchase Price $3,175,000
Price Per Unit $211,667
Price Per Square Foot $116
*Current NOI $206,079
Current Cap Rate 6.49%
Year One Proforma NOI $215,642
Year One Proforma Cap Rate 6.79%
Year One Cash Return 11.10%
Five Year Average Cash Return 14.25%
Five Year Cash IRR 8.75%
Five Year Leveraged IRR 21.47%
*Based YTD income Annualized and Proforma operating expenses of $5,433/Unit
Convenient Location
With a score of 75, Courtney Court is considered “very walkable” by walkscore.com. The property is
walking distance to several restaurants, a grocery store, a gym, elementary and middle schools, a bank,
and several other neighborhood amenities. Additionally, the nearest bus stop is less than 2 blocks away.
Flexible Exit Strategy
Originally built with the intention of being sold as individual units, Courtney Court is a low maintenance,
newly constructed asset that offers a great investment opportunity to the traditional multifamily investor
as well as an opportunistic investor who may decide to sell the units individually when the time is right.
Jones Lang LaSalle
Offering Memorandum
Page 5
Courtney Court