KAY BROWN

                                                 2- CHRISTIAN
                                              =13         COUNTY
                           100 W CHURCH ROOM 304 · OZARK, MO 65721
                               Phone: 417-582-4340 · Fax: 417-581-8331
                                   kaybrown@christiancountymo.gov

July 18 2019

The Villas At Forest Park LP

c/o Carlson-Gardner Prop

205 West Walnut Street, Suite 200

Springfield, Missouri 65806

RE: Taxpayer's Name: The Villas At Forest Park LP

c/o Carlson-Gardner Property

Situs Address: The Villas At Forest Park; 936 Arrow Wood Lane, Nixa, Missouri 65714

Parcel Number: 10-6-23-3-2-65

Classification: Multi-Family Residential Property

Assessor's Appraised and Assessed Values: $              870,800/3 165,450

Board's Appraised and Assessed Values: $                 747,919/3 161,105

Board's REVISED Appraised and Assessed Values: $         546,213/$ 103,780

The Board of Equalization, after consideration of the information presented at the hearing in your
appeal, voted to lower the assessment per the request of Assessor, Monday, July 16, 2019.

You have the right to file an appeal with the State Tax Commission (STC). If you choose to appeal, you
may download the appeal form (Complaint for Review of Assessment) from the STC web site:
Http://www.stc.mo.gov. Instructions on completing the form and on handling your appeal are also
available on the website. The completed form must be postmarked no later than September 30, 2018,
or 30 days after the date of this letter, whichever is later.

Sincerely,

             fl
    LS, m7"DOLVL-·
Kay Brown County Clerk, Secretary of the Board of Equalization

                                                                  Danny Gray
                                                          Christian County Assessor
                                                         100 West Church Rm # 301
                      .Wi                                       Ozark MO 65721
St                                             Ph (417) 582-4310            Fax (417) 581-3029
                                              Email: assessor@christiancountymo.gov

      July 17, 2019

      BOE Rulings from 7/16/19

      The Villas at Forest Park LP

      936 Arrow Wood Ln

      Nixa, Mo. 65714

      2019 Appraised/Assessed value = 870,800/165,450
      BOE RULING: Appraised/Assessed value = 546,200/103,780

      De<* 4,al
      Christian County Assessor

                                         The Villas at Forest Park

                                      3 Year Average Using Actuals

                            2016             2017            2018

Effective Gross Income     179,358          197,405         192,432= 569,195/3= 189,731

Expenses with Reserves      131,728         148,596         165,972= 446,296/3= 148,765

NOI                          47,630          48,809          26,460= 122,899/3= 40,966

Expense Ratio                   73%             75%             86%

                                        NOI (3 year avg)= 40,966

                                 40,966(NOI)/ 7.5%(Cap Rate)= 546,213

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  Parcel No.: 10-0.6-23-003-002-065.000 Situs: 936 ARROWWOOD LN             Maiting: CARLSON-GARDNER PROP
G
111 City: SPRINGFIELD                                                       State: MO          Zip: 65806

g Owner: THE VILLAS AT FOREST PARK LP
cio Appraiser:               Structure: 1              Date Printed: Tuesday 25th of June 2019 10:41:32 AM

             BASE          Am

             2400        2416
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         CON PAT /                                   8 1 16-"

         1.02X600=612
                                                                        OP.2

                                                                         16.0 sf

    Skats 4 621zt Mesat'

                        AREA CALCULATIONS SUMMARY                                                   Main Picture

     Code                Factor       Net Size     Perimeter           Net Totals

     CON PAT                    1.00        600.0        100.0

     OP.2                       0.20         16.0         42.0

     CLUB HOUSE                 1.00       2400.0        200.0

                                                                                                     Comment 1

Parcel No.: 10-0.6-23-003-002-065.000 Situs: 936 ARROWWOOD LN            Mailing: CARLSON-GARDNER PROP

City: SPRINGFIELD : State: MO                                                                Zip: 65806

Owner: THE VILLAS AT FOREST PARK LP

Appraiser:                Structure: ALL            Date Printed: Tuesday 25th of June 2019 10:42:42 AM

Structure: 1

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                                                                          07.02 2011-1-*7.

Parcel No.: 10-0.6-23-003-002-065.000 Situs: 936 ARROWWOOD LN             Mailing: CARLSON-GARDNER PROP

City: SPRINGFIELD                                                         State: MO          Zip: 65806

Owner: THE VILLAS AT FOREST PARK LP

Appraiser:                Structure: ALL            Date Prin ed: Tuesday 25th of June 2019 10:43:56 AM

Structure: 12

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Trend Report

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                                                                 2.0
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   ·89%                                                           4", 
   9 4                                                          0.*99
   .614                                                           t$80
                                                                  4-70
   6 9/9                                                      I S Jed 831.Id; 469
  44                                                             .$50
   3%                                                              $40
                                                                   *30
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   1 56                                                            $10
                                        0,*i ;. I t,yoe*Â¥:EN - i; - f  le .
          44 2<- 6.·1 .1 1 -4.·6@28'-72'b . %4590rf :-:· .
                                                                : ·) I :lf' -0 :0--- ,>,CZE., ,=0158jtn:t-;·i!Ei€4%591%34%:

 Legend:                  -080?5&&420&*...

 Current Survey            Number of Transactions 10
 Sold Transactions        *8{ill)811*K9612ie@52594 *29*e?iFf$1kl658?48'19*t9*2**'
                                                                                  206,870
                          %.dFaf4.',261 7-,-'".C.. I.i ·:u- -·.2 .. 2.Nli.'..2gl--CD; .,,14**29*Jt****eas@
                           Total Land in SF                                      1,000,138

                           Average Price                                        $4,664.613
 Time Interval - Quarterly 2*98&*iN[-86526£8155@* aA#ANB*356*2431&P*#SVM9&R#22'.9865iEtg)41#%&f#tki£2#klkjf
                           Average Price Per Bldg SF                                $80.66

                                                                                  L

                           Average Number of Acres                                    2.87
                          ¢4@8*N-68623).'SE(GABE -22*frted#*4-'2211#454&#di**tj132Ft)23#4;2*1#3265€843**4*gmt**
                           Average Price Per Unit                                  $79.132 :...."
                          *63[Elaiia@eal)ilitiff*08 494*KE,;53%*#89%5*8*f*bMHE,t#*m)/3u'@*ES***»F»»ey*:6614AA
                           Average Number of Units 21
                          *ACIUal;GaDKs *tm,-,s».46;v:i, .6,-e,e <.,Hayede¢*»tl*2#144*fin38°,Gge?*Mea¥6*#27?24*Ely*
                           Average GRM . .                                     1... . . 4. W . 11-,aN..&.4. :..
                          TAMAVEGIMENFECI#)TA*16%441 *E,'

  basic criteria: Type of Property - Multi-Family; Sale Date - 1/1/2016 - 6/25/2019; Sale Status - Sold, Under
  Contract/Pending; Return and Search on Portfolio Sales as Individual Properties - Yes; Exclude Non-Arms
  Length Comps - Yes

  geography criteria: County - Christian, MO

                                       Copytighted report licensed to Chrisuan County Government-1053878,      6/25/2019

                                                                                                                  Page 1

Trend Report
12.¢.€ I r                           I AGQ16*1%9/30/16 1 *difi!*1.-12/3-1/17  441-&*'047,14®/16 )
                                                                 j ' &  # a 17 - · n 114

  Number of Transactions 2 1 2 2
trota molialwommag,##M#Ara#1*m *0*im *9#12EbyTEKm*$0#16*& 25*****$03?m **3?450;000%
  Total Bida Sauare Feet                        12.379                      3.750                    69.656                    55,051
1*[8tai'.ffER®*Ud*440+Le.4.41 4., :Cir=.9. perA 1.2...6444 *LAU.444)*U>/U *10*EN 9SE@REEE)*3394:W lifbpiEW##ff**dr..$.f
  Total Land in SF                              52.272                     30.492                   176.418                    122,404
eadlit.Jili1293'*fm@*0*%5%4&41** gigt*ME@NIA24** *Ittillty;99'1 1:71%83#Yllt#6-8&919 £5*WL,%**Pe#1128*1
  Averaae Price - - - $3,450,000
/Avem*Nut86*2#80**te#@ ***3263-9623* 50**25,15d€AER) ***81*34!828:43%54*15%51£027idid»2
  Average Price Per Bidal SF - - - $72.83
i®Madian{Efice.·267.Shi;%**sL 4322&1%74#Wu#j #f-)*1*tirST#=444/i El NNR*205$7283198
,;,AYSTIMPIUmbof Acres                            0.60                       0.70                      2.03                       2.81
4-Average,Number.6-fiSE(2288800*8 9%#W&, 9**330'4923..2. il#£(KWN&88?2092*N **37%2*#t22#10492%
  Average Price Per Unit .
EiNT@ailfi?RHEap-Fdff78it@3¢9 52Rq1Mmlrp)YRFEZ.**hamgpju *i*FBN/<4f5#9*AWpfr.- */T,eg.f,wiI/afkit/a/VfN#dy##% 4651$%4#.1 .,4.1FFjtkfj
  Average Number of Units 6 30 20
#WAEteateitat.%*3*55£fee,2 949?Fer#9*»f#:fift XMAVb#%§*WWUP*&1 **231*#2**AM#33&% 1*****46Ihdulby.
  Average GRM -
t&8#Terid@;GIM*2€2*'61; -14.Msvake ge#iti,/Nek,INJ#Z#SS*91& ba =-2-.667113.* --0 34*122<0*8*2*jatiojh &22*iMIT"Eaf: U24

                                      . 1012*lilyulq/10           ,1919***481/,19                    9026*2 b
                                     : 5@jil-,r.a.railict-wm  a  Sola. ransact,on    1/6 Filil.-NA               2& /* · I v -92435.K..
                                                   EE

  Number of Transactions 1 2
*iinimIQHilizValijad*Uy.*46* 2*5*@00*%0 18**®-:208915?im*81 *A . '.tr,247%>40% St*Mmi'41Wum
  Total Bldg Square Feet                        53,566                     12.468
*48*&1312?ia.i/*EM@* 4%2*13?459>3*2 3%5962* %&18*246*-37.Y# 2tUfM@LNe
  Total Land tn SF                             585,882                    32670
5*dfatioititi!*6magfZmES&61 1%mmNaeamm 32*%71*-24*%*8 5 ·" e..zi'£*tr J ,., 701%44*#*IMWZ.'. 1.
  Average Price                             $5.000000-                $5,104226
27,Wd-*miN0BSORBISF2.%dig***fg &4*0*053:566*** 4145&196 2 684*10 ' 4.-.3*re*,497< i=ift»244/7 v '-4%
  Average Price Per Bldg SF                     $93.34                    $55.94
·*MalimER.866;268SE#*1%#EJKjW 8$931843%11126*VAN#R$5549;*·2 1§2 12#44*4*k*134140&
  Average Number of Acres                        13.45                       0.75
*AVengeN0MI26 SE(l-9?21)**PUT# 52:£85:882 ***4 92!670"tiNEgA, 04%21#Egly,4**ial Eme*al,&0*&*#86%
  Average Price Per Unit                       $83.333                   $58.126
@Maaetic@ReAWnit***43*41,4,&Amti,j#332*4 82*642$ate,6*&*4*4 460*ik*82****%4 43&43£fw,-iNM#B#6KWM#Fie
  Average Number of Units 60 12
imanal<C*Rat@ 9**AF;4Av 54*1241*13714#93*f&*1 1651#61%*m=o%921*2 29imm*memt 820$59*591#FV#J#UE
  Average GRM
5*AVBd@(GIN'I 22**£44£*#29*222%1. 4**12£42*!3*3*#*1 6*C=*= 2==13*SCZY=5 .9.4

                                             Copyrighted report :censed to Chrisdan Coun Government. 1053878.                     6/25/2019

                                                                                                                                      Page 2

6/3/2019                                                         Apartment Capital Market Update, Q4 2018 » Reis

                             M=cn/.20t9

                             Apartment Capital Market Update, Q4 2018 ,
                             Apartment Market: National Cap Rate Trends

                             The ovelan dednIng trend In apanment cap,ates. st=41 b y the teal Ena in the chart ([ha mo,ing average), denes the Fed·5 increasing of federal #mds

                             rate over the 1ast two years. The 12·month ronIng cap rate 180 10 basis pclnts to 5.596 In the quarter- the lowest ever. Howeer, the average cap rate
                             (shown bythe dam blue Une) remained Catat 5.4% In 04, after falig In pre,ous quarters.This is stmthe lomst rate ever. Vk do need to nota thatthis
                             data Is subject toielection bias: cap rates are calculated based on propenles thaltraded b the qua:ter and, veryofter,4 sales ara heay,weighted by

                             higher-end properties h, high-priced ma,kets.

                                                          National Apartment Market Cap Rate Tionds, 2013 04 -2018 Q4

                                  73%

                                                   -Me=,C®Rate -12·Mouh Roing(»Ral# - ..ki„BlE·MowaRdng,CIR-Si,=2008

                                  65/5

                                  5-

                                  5JS

                                      20:30.4 201402 201404 21 S62 20150: 20122            20:80,  201702   20170:   20:202   20¢801

                                                              Source: REIS. Real E=ta Solutions byMoody'sAnal#cs

                             Apartment Market: Average Price per Unit

                             The:op- · -                   - " ' -'·.,                  tos Arlgeles,San fancisco, Phoenk, Subulban VIrghla,Seame,

                             Chicago. Orkando. Attanta, and Denver. Cleafty. average prices are rising faster Inthis eme catego,ythan for Cle next40 rantdng mevos. This shows that

                             investorapreterthesegatewaycifiestotheothers-adistlictionmatbecamemorepronouncedin 2018.

                             Forthe overan50 metros,the mean price pertmlt leveled o# in the fourth quarter, despite hs,dng been Staadly Increasing In previous qualters. This Is

                             entlrelyconsistentaith thenat fou,th quarter cap rate. Does this mean thallhe market has plateaued?Wmvaluations stanto come down and cap rates

                             stanto Increase7 The shoft answer to this question ls: not necessa,Ily. This b aore·quartgr trend and e.,n the average price per unit is subject to

                             seleclon bias. The two targest metros - Nev,Yark City and LosAnceles - sawthetraverage pfice per unit dedne h the quarter= 0,elr cap lates rose.

                             In Ne,Abrk, the cap rate increased trom 4.496 04.896while In Los Angeles the cap rate Increased from 4.8% to 5.196. However, both metros mgularly

                             see,Nnor ups and downs In their cap mto trend Unes. Metros that sawanoticeable Increase A thelrav erage price per,mit In the quarter Include

                             Challotte. Detroit, Nashvme, O,lando, Phoe,Ux, San Bemardno, and Sacramento. These metros have also seen some of the Ilighes muttlfam,11, rent

                             growth overthe lastiew qua:ters aswe:. Rentgrowth In the apatnent malketuas a bealth,4796 tr 2018 - Ngher than In 2017 (4.0961. Rent growth

                             wasposithe heverymetre. h short. thek,NbutOatcaprale renectsthe factthathestorsstin considerthisasse: class:obeaprefe,redirrvestment. As
                             iong ah rents continue tonse, prlcestl aswen. Al the same time, caplates coda conunue to M. but not signICcanuyso.

                             Analysls by Barbara Byrne Dunham. Denham ls a Senior Economist In the research and economics departmentat REIS, tha:eam responsible forthe
                             fim's market forecasting, wakadon. and por:1000 analytics serv{ces. Throughout her 20-War career. Balbara haswrmen anumber of white papers on

                             thecommerciatreatestatama:ket

                             Copyright© 2019 Rets. Inc.

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                                                                  SECTORS             1NDUSTmES        REIS             CONTACTUS

                                                                  4110'cal,le Hotishic Acquisivoi:s    Careers          1-800-366-7347
                                                                  Apartnieil          Brokerage        ColliNct         Roquestnde,no

                                                                  Fle*/FUD            Developnte,W     History
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Income Approach

I did not see the 2018 operating expenses on this property until after we sent out the new value notice.

I used an average from 2016 and 2017 for Effective Gross Income which was $200,000.

After reviewing the 2018 operating expenses the 3 year average for Effective Gross Income was 197,901.

After reviewing all the data we received on subsidized housing we arrived at an Expense Ratio of 64%.

We added another 3% for reserves giving us a total Expense Ratio of 67%.

We used a 7.5% Cap Rate.

Effective Gross Income of Subject property 2016- 203,866

                                             2017- 197,405

                                             2018- 192,432

                                                   593,703/3= 197,901

    197,901 (Effective Gross Income)         197,901 (Effective Gross Income)

 X 67% (Expense ratio)                      -132,593 (Expenses)

    132,593 (Expenses)                         65,308(Net Operating Income)

                   65,308 (Net Operating Income) / 7.5% (Cap Rate) = 870,773

                    Value of Subject property indicated by the Income Approach is

                                            Rounded To

                                             $870,800

     2019 Real Estate Value Change Notice                                              Reason for Vallie Change: see back for mora info.

     Christian County Assessor
     100 W. Church Street Rm 301
     Ozark: Missouri 65721-6901                                                                         Deadline for Appeal
                                                                                       Informal Hearing:...........           . . May 31, 2019
          VALUE CHANGE NOTICE - NOT A TAX BILL,                                        Formal Hearing (BOE): . . . ... .       . June 28, 2019
               IMPORTANT DEADLINES INSIDE

                                                                                                  PROPERTY LOCATION & VALUE
        THE VILLAS AT FOREST PARK LP                                                   Parcel Number: 10-0.6-23-003-002-065.000
        CARLSON-GARDNER PROP
        205 W WALNUT ST SUITE 200                                                      Property Location: 936 ARROW WOOD LN
        SPRINGFIELD, MO 65806

                                                                                       Current Appraised Value:               $870,800

                                                                                       Current Assessed Value:                $165,450

                                                                                   Taxing Districts: School: R2      Junior College: 2      Fire: 2
       Dear Property Owner,                                                                          Road: 0         Ambulance: 1          City: 2

       The real estate youown in Christian County Missouri, listed above, has increased in value. This letter is to notify you that changes
       in reat estate values can affect property taxes which are due Dec. 31st. If you agree with the value above, then you do not need
       to respond to this notice. If you disagree with the vallie, or if you have other questions regarding this notice: please follow the
       instructions in the last paragraph below.

       Why did your property value increase? Real estate values (market values) change over time, even if no improvements are
       made to the property. If no specific reason is listed above, see common reasons provided on back.

       IMPORTANT: A property value Increase does not necessarily mean that your taxes will go up. Tax rates are set in
       September of each year by the local taxing entities: School districts, Fire Departments: Road & Bridge districts, Ambulance
       districts, etc. These taxing entities set their own budgets which determine how much tax money needs to be collected.

       NOTE· The Assessor determines the VALUE only; the taxing entities determine the TAX RATES.
       If you feel that your taxes are too high, then you should involve yourself in the budget process of
       the taxing entities listed above, and make your voice heard at their budget meetings.

       RESPONDING TO THIS NOTICE:

       If you believe that the appraised value shown is not correct, and you have recent documentation to back up your claim, then
       you may challenge the value by contacting the Assessor's office for an informal hearing. Most questions or concerns can be
       resolved during the informal heating process, but if yours cannot, format appeal options are available. (See back for detai/s).
       Real Estate Department: (417) 582-4310 Office Hours 8:30 a.m.-4:00 p.m., Monday-Fliday. assessor@christiancountymo.gov

*bORaamra©2-
 ER-*FERUZE*P LOT 82 FORREST PARK PH 3
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UZIERT:r -: 1. .- I' 0'; 5..7         'IRESitiENTDNEZE 159JGRICODTOR*!25 Dr.CUMMEREIACT -7 ".'"27:TOÂ¥*crI=
 PREVIOUS APPRAISED VALUE                                                                           $872,600                     $872,600

                                                 -M-4-*9.-* -                       9-- %* 400*.4 e *=g=¥==73„Ful. •re#a-=73'NW=g=EFF#5,€v;Emef

  APPRA]SED VALUE 2019                                                                              $870,800                     $870,800

                                                                                                    $165,450                     $165,450
  *ASSESSED VALUE 2019

*See back for explanation of assessed value.

CHRI2-114 (3/18)

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 ,_ Parcel No.: 10-0.6-23-003-002-065.000 Situs: 936 ARROWWOOD LN             Mailing: CARLSON-GARDNER PROP
 W City: SPRINGFIELD                                                          State: MO
                                                                                                 Zip: 65806
 g Owner: THE VILLAS AT FOREST PARK LP
 " Appraiser:                 Structure: 2
                                                        Date Printed: Tuesday 25th of June 2019 10:43:10 AM

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