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Investment Summary
<br />Ruby Apartments Phase II
<br />St. Anthony Village, MN
<br />Current Unit Economics Projected Returns
<br />Unit Type (BR/BA)# of Units Avg PSF Rent/SF Avg. Rent / Mo.Total Annual Rent Net Profit (excl Cash Flows)$6,950,265
<br />Studio 24 620 $2.41 $1,495 $430,560 Unlevered Internal Rate of Return 4.8%
<br />1BR/1BA 147 748 $2.32 $1,734 $3,058,776 Levered Internal Rate of Return 9.4%
<br />1BR/1BA + Den 8 987 $2.00 $1,977 $189,792 Levered Equity Multiple 1.4 x
<br />2BR/2BA 59 1,297 $1.86 $2,415 $1,709,820 Return on Cost - Trended Rent 5.76%
<br />3BR/2BA 4 1,689 $1.89 $3,184 $152,832 Return on Cost Upon Exit (FWD 12 Mo.)6.11%
<br />TOTAL 242 893 $2.14 $1,908 $5,541,780
<br />Rent @ Stabilization 2.00%$2.27 $2,025 $5,880,981
<br />Per Yr Growth to Stab.
<br />Stabilized Annual Operating Statement Per Unit Proforma Development Sources and Uses of Funds
<br />Potential Rental Income $5,880,981 Uses of Funds Per Unit Cost % of TPC Amount
<br />Parking Income # of Stalls 210 $125 $315,000 Land Cost $22,666 8%$5,485,246
<br />Storage Income # of Units 62 $75 $55,800 Hard Costs $207,890 74%$50,309,384
<br />Utility Income $70 $203,280 Hard Cost Contingency $4,060 1%$982,446
<br />Total Other Income $540 $130,680 Predevelopment Costs $6,553 2%$1,585,793
<br />Potential Gross Income $27,214 $6,585,741 Fees $9,100 3%$2,202,105
<br />Vacancy & Credit Loss 5.00%($1,361)($329,287)Other Construction Cost $10,878 4%$2,632,500
<br />Effective Gross Income $25,853 $6,256,454 Construction Loan Interest Reserve $9,298 3%$2,250,000
<br />Real Estate Taxes $5,041 $1,219,825 Developer Fee (Deferred)$10,331 4%$2,500,000
<br />Insurance $550 $133,100 Total Project Cost $280,775 100%$67,947,473
<br />Management Fee 3.00%$776 $187,694
<br />Operating Expenses $3,321 $803,588
<br />Total Expenses $9,687 $2,344,207 Sources of Funds % Amount
<br />Net Operating Income (NOI)$16,166 $3,912,248 Construction Loan 64%$43,150,000
<br />Operating Margin 62.5%Doran Contributed Land Value 8% $5,485,246
<br />Doran Contributed Developer Fee 4%$2,500,000
<br />Annual Income Growth Rate 3.00%Doran Cash Equity 6%$4,413,491
<br />Annual Expense Growth Rate 3.00%Investment Partner Equity 18%$12,398,737
<br />Total Sources 100%$67,947,473
<br />Base Case
<br />Spring 2025 Construction Cost Estimate
<br />Rents Matching Phase I Current Rents
<br />Taxes Matching Phase I Assessment
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