This document provides an overview of the Alta Aspen Grove apartment development in Littleton, Colorado. Key points include: 1) The 280-unit development has a mix of 1, 2, and 3 bedroom units and is achieving absorption of 21 units per month at $1.45-$1.50 gross rents. 2) Development costs were approximately $165,000 per unit due to low land costs of $27,000 per unit and catching the construction market during a trough. 3) The development received HUD financing at a current rate of 5.71% with mortgage insurance, providing an assumable, non-recourse loan.

1. ULI Low Density Apartment
Presentation
Alta Aspen Grove
Littleton, CO
May 2012
Timothy M. McEntee
Director
(303) 468-7450
tmm@woodpartners.com

2. Map
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3. EXECUTIVE SUMMARY
• Tied up site in 2008, secured 50% LTC institutional equity in 2009 and could not secure
conventional debt. Went HUD 221d4 in late 2009
• Closed into construction in September 2010
• 280 unit 2 & 3 story attached garage product
• 60% 1 bedrooms; 36% 2 bedrooms; 4% three bedrooms
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4. Site Plan
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5. Alta Aspen Grove 4

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7. Overview
• 1,003 Average Square Footage
• Planned Phase II of 275k square foot DDR
Regional Lifestyle Mall
• First tied up site in 2000, took subsequent
buyer in 2004 three and a half years to
rezone
• TOD site with both a light rail park and ride
and regional bus module
• Adjacent to a 680 acre park preserve
• Unimpeded Western mountain views over
park preserve receiving $150-180 view
premiums
• Littleton is a very high barrier to entry
established submarket of Denver. $2-4
million homes in exclusive Polo Club and
Polo reserve within ½ mile of site
• Regional detention provided
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8. Cost
• Land approximately $27k per unit on 18
d/u per acre (very low density)
• Hard Cost ~ $85k per unit (caught market
in trough)
• High Impact Fees of $12k per unit
• All in cost per unit ~ $165k
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9. Leasing Performance
• Turned first units in June 2011, will
stabilize 280 units by June 2012
• 21 unit absorption per month at $1.45 -
$1.50 gross rents
• One of highest water marks for garden
product in Denver Metroplex
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10. Financing
• Yield on cost in 2008 was 8.25% going in
free and clear
• Proforma exit of 7.00% (today’s market
closer to 4.75% - 5.25%)
• Will have significant discount for HUD loan
currently 5.71% with MIP
• 2 year lockout, 8 year pay down
• Assumable, nonrecourse loan
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14. Energy Star & LEED Silver Certification
• Alta Aspen Grove was designed for low-
impact living and reduced reliance on
automobile transportation. It is within
walking distance of a major
transportation/light rail station, offering
numerous ride options daily
• Alta Aspen Grove is located next door to
Aspen Grove shops, a walkable outdoor
shopping area with a small community
ambiance and weekly entertainment events
• The project is on the Littleton park system
offering bike trails and walking, not only in
open space along the South Platte river and
beyond, but to more nearby community
resources
• Alta Aspen Grove blends into the park
border with beautifully integrated native
grass, native trees and other mature native
species mirroring those found right over the
project boundary in the park itself
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15. • Roof runoff was managed and diverted to
contribute to landscape soil moisture levels
and 79% of the impermeable surfaces are
directed to landscape features that absorb
storm water keeping it out of the sewer
system
• The landscaping is 98% drought tolerant
with irrigation designed to be shut off
completely once plantings are established.
Even the drought-tolerant turf is kept to a
minimal 26% of the total landscaping
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16. Any Questions???
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