00 - Riviera at Clear Lake OM.pdf

16457 El Camino Real,
Houston, TX 77062
289
units
1963/1980
yoc
895 sf
avg. unit
Outstanding Value-Add
Opportunity
Limited Supply in
Southeast Houston
Strong Surrounding
Demographics
Located Adjacent to
Webster Healthcare
Corridor
Adjacent to Multiple
Grocery-Anchored
Shopping Centers
Minutes from NASA
Johnson Space Center

nmrk.com
Zach Springer
t 713-425-5428
m 713-897-9670
zach.springer@ngkf.com
Brett Benton
t 713-337-5800
m 210-860-5515
brett.benton@ngkf.com
David Mitchell
t 713-425-5421
m 713-503-2513
david.mitchell@ngkf.com
Thomas Alleman
t 713-425-5434
m 713-305-3827
thomas.alleman@ngkf.com
Matt Saunders
t 713-554-1303
m 281-300-1468
matt.saunders@ngkf.com
Russell Jones
t 713-425-5422
m 832-541-1499
russell.jones@ngkf.com
Jonathan Powell
t 713-425-5432
m 512-810-1555
jonathan.powell@ngkf.com
INVESTMENT SALES
OFFER PROCESS
Exclusive Representation
Newmark has been exclusively retained to represent the Seller in the disposition of The
Riviera at Clear Lake (“Property”, “Offering”). All inquiries about the Offering or the Property
should be directed to Newmark.
Offering Process
The Property is being offered on an All Cash basis to qualified purchasers.
Prospective purchasers will have the opportunity to visit the Property through scheduled tours
with Newmark. Please do not contact the on-site management directly.
Offer Requirements
Offers should be presented in the form of a non-binding Letter of Intent, and must include at
least:
Asset Pricing
– Due Diligence and Closing Time frame
– Earnest Money Deposit
– Description of Debt/Equity Structure
– Qualifications to Close
Purchase terms shall require cash to be paid at closing. Offers should be delivered to the attention
of Zach Springer & Brett Benton via fax or email.
Financing
For parties interested in receiving debt quotes, please contact our Debt and Structured Finance team,
Tip Strickland, David Schwarz, Purvesh Gosalia or Ryan Gregory. Newmark facilitates agency, life
company, bank, bridge, and mezzanine financing options
Underwriting
For questions regarding the underwriting presented in this offering memorandum please contact Carter
Mizell at 832-457-7843 or carter.mizell@ngkf.com.
Property Tours
To accommodate the Property’s ongoing operations, Newmark requests 24-hour advance notice to
schedule a tour.
Tip Strickland
t 713-337-5810
m 832-724-4288
tip.strickland@ngkf.com
David Schwarz
t 713-337-5811
m 713-412-9055
david.schwarz@ngkf.com
Purvesh Gosalia
t 713-300-7954
m 313-570-5221
purvesh.gosalia@ngkf.com
Ryan Gregory
t 713-300-7961
m 713-829-0579
ryan.gregory@ngkf.com
DEBT & STRUCTURED FINANCE
NEWMARK
1700 Post Oak, 2 BLVD Place, Suite 400
Houston, TX 77056
t 713-599-1800

Market Overview
Appendix
44
48
Financial Analysis
40
Property Information
30
Investment Summary
08
Executive Summary
04
Contents

Year Built
1963 / 1980
Units
289
Acreage
11.10 acres
Density
26.1 units/acre
Net Rentable Area
258,727 square feet
Average Unit Size
895 square feet
Effective Rent Per Month
$871
Average Effective Rent Per Square Feet
$0.97
Occupancy
92%
Submarket
Clear Lake/ Webster/ League City
16457 EL CAMINO REAL, HOUSTON, TX
77062
PETROCHEMICAL
CORRIDOR
HOUSTON CBD
45
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LEAGUE CITY PKWY
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FRIENDSWOOD
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SPACE CENTER BLVD
BAY OAKS
COUNTRY CLUB
GOLF CREST
COUNTRY CLUB
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MEMORIAL HERMANN
UTMB HEALTH LEAGUE CITY
HOUSTON METHODIST
ST. JOHN HOSPITAL
HCA HOUSTON HEALTHCARE
SOUTHEAST
BAYBROOK MALL
ALMEDA MALL
LEAGUE CITY
TOWN CENTER
TANGER OUTLETS
LEAGUE CITY
PLAZA
THE CENTER AT
PEARLAND PARKWAY
FAIRWAY PLAZA
UNIVERSITY OF HOUSTON
CLEAR LAKE
ARMAND BAYOU
NATURE CENTER
KEMAH
BOARDWALK
CLEAR LAKE
JOHNSON SPACE CENTER
BAYPORT INDUSTRIAL DISTRICT
BAYPORT CONTAINER
AND CRUISE TERMINAL
HOBBY
ELLINGTON
PORT OF HOUSTON AND HOUSTON SHIP CHANNEL
The Riviera at Clear Lake
3 MILES
UTMB HEALTH CLEAR LAKE
CLEAR LAKE REGIONAL
MEDICAL CENTER
MEMORIAL HERMANN SOUTHEAST
SAN JACINTO COLLEGE
EXECUTIVE SUMMARY
6 NEWMARK | The Riviera at Clear Lake
Property Summary

Located in close proximity to multiple medical
centers including HCA Medical Center - Clear
Lake, Houston Methodist Clear Lake, Memorial
Hermann Southeast, and Cornerstone Hospital
Located just 1.25 miles from NASA Space Center
which supports a 10,000 person workforce and
hosts over 1M visitors annually
Riviera at Clear Lake has received
tremendous benefits from the affluence of
the surrounding population. With average
household income over $95,000 within a
3-mile radius, there is ample discretionary
income in the area which has resulted in a
new wave of medical relocations in the area
as well as new retail development.
Rivera at Clear Lake is Strategically located
among some of Clear Lake’s largest retailers
including being within walking distance to
HEB, Kroger, Walgreens, and 24 Hour
Fitness.
Only 1.5 miles from Baybrook Mall
There are currently only three projects under
construction in all of Southeast Houston totaling
739 units, which accounts for only 5% of
Houston’s overall development pipeline
Limited Supply in Southeast
Houston
Located Adjacent to Webster
Healthcare Corridor
1.25 Miles from NASA Johnson
Space Center
Untapped Value-Add Potential as most of
the units at the property are in original
condition
Outstanding Value-Add
Opportunity
Strong Surrounding
Demographics
Adjacent to Multiple Grocery-
Anchored Shopping Centers
EXECUTIVE SUMMARY
7
NEWMARK | The Riviera at Clear Lake
Property Highlights

– Currently there has not been a full value-add
package implemented at Riviera at Clear Lake,
offering vast opportunity for a future owner
to renovate units in order to bring rents at
the property in-line with rents at comparable
properties in the immediate area
– Units at the property currently contain white
appliances, original cabinets, and dated light
fixtures and hardware
– Current owner has implemented faux wood
flooring in 220 units, tile backsplash in 22 units,
and 1 unit has granite countertops
– Currently, this value-add program is untapped
as there are zero premiums being generated
from the upgrades listed
– A future owner has the opportunity to begin an
in-depth value-add program including granite
countertops, stainless steel appliances, new
cabinets, updated lighting and hardware, as well
as faux wood flooring and tile backsplash in the
remaining 69 and 267 units respectively
– Grand Hampton at Clear Lake (located adjacent
to Riviera at Clear Lake) has implemented a
more in-depth value-add program including
stainless steel appliances, new stainless faucets,
faux wood flooring, tile backsplash, white shaker
cabinets, 2” blinds, and updated lighting and
hardware
– Rents at Grand Hampton at Clear Lake are
$150 ($0.10 psf) higher than rents at Riviera
at Clear Lake, proving the market’s ability to
afford post-renovation rents
THE RIVIERA AT CLEAR LAKE | POTENTIAL UPGRADES
THE GRAND HAMPTON AT CLEAR LAKE
EFFECTIVE RENT DIFFERENCE $150
TILE BACKSPLASH
TILE BACKSPLASH
STAINLESS STEEL
APPLIANCES
STAINLESS STEEL
APPLIANCES
UNDERMOUNT
SINKS
GRANITE
COUNTERTOPS
NEW SINK /
FAUCET
REPLACE CABINETS
UPGRADE
HARDWARE
NEW CABINETS &
HARDWARE
UPGRADE
LIGHTING
INVESTMENT HIGHLIGHTS
Outstanding Value-Add Opportunity

Clear Lake Rent Growth Projections:
2021 Projected Rent Growth
+2.4%
League City
Boundary
Submarket
Boundary
Highbridge At Egret Bay
Huntington At Kemah
Smart Living At Texas City
Riviera at Clear Lake
Webster City
Boundary
Limited Future Supply due to High
Barriers to Entry
– Surrounding municipalities such as Clear Lake
and League City have zoning enforcement
limiting the amount of potential future multifamily
development in the area
– There are currently only three projects under
construction in all of Southeast Houston
totaling 739 units, which accounts for only 5% of
Houston’s overall development pipeline
– There is currently nothing under construction
within 5-miles of Riviera at Clear Lake
– Yardi Matrix is projecting 2.4% rent growth for
the Clear Lake submarket in 2021
11
Limited Future Supply

– Riviera at Clear Lake has received tremendous
benefits from the affluence of the surrounding
population. With average household income over
$95,000 within a 3-mile radius, there is ample
discretionary income in the area which has resulted
in a new wave of medical relocations in the area
as well as new retail development. This trend is
expected to continue as average household income
is projected to grow 7% in the next five years.
Riviera at Clear Lake is well positioned to continue
capitalizing on the affluence of the area and should
continue to see its neighborhood amenity base
strengthen.
– Average Household Income within a 3-mile radius
of Riviera at Clear Lake is $96,599 and is expected
to grow 7% by 2025 to $103,161
– Based on this income, average affordability is
$2,683 per month which is $1,812 above effective
rents at Riviera at Clear Lake, signaling ample room
to increase rents
TOTAL POPULATION 2020
14,027 176,469
1-mile 5-miles
AVG. HH INCOME 2020
$96,599 $107,253
3-miles 5-miles
AVG. HOME VALUE 2020
$265,595 $274,382
3-miles 5-miles
BAY OAKS SUBDIVISION (2.2 MILES) -
$1,150,000
NASSAU BAY (2.4 MILES) - $1,295,000
EL CARY ESTATES (3.5 MILES) - $2,795,000
SOUTH SHORE LAKE ESTATES (3.3 MILES) -
$1,875,000
POPULATION GROWTH 2020
10%
5-miles
Strong Surrounding Demographics

Rivera at Clear Lake is Strategically located among some of Clear Lake’s largest retailers
including being within walking distance to HEB, Kroger, Walgreens, and 24 Hour Fitness.
Riviera at Clear Lake also offers direct access to Baybrook Mall, located at the intersection of
Bay Area Blvd and I-45 (1.5 miles), which boasts large retailers such as Sears, Best Buy, Lowe’s,
Michaels, Staples, Dick’s Sporting Goods, Dillards, JCPenney, Macy’s and more
Diana Ln
Buccaneer Ln
Saturn Ln
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Ramada Dr
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Adjacent to Multiple Grocery-Anchored Shopping Centers

Located in close proximity to multiple medical centers including HCA Medical Center - Clear Lake,
Houston Methodist Clear Lake, Memorial Hermann South East, Cornerstone Hospital, and Bayshore
Medical Center
j
45
45
E. NASA Parkway
FM 517
League City Parkway
Red
Bluﬀ
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35
ARMAND BAYOU
NATURE CENTER
CLEAR LAKE
JOHNSON
SPACE CENTER
ELLINGTON
FIELD
BY
ORT
U OF HOUSTON
CLEAR LAKE
U OF HOUSTON
CLEAR LAKE
SAN JACINTO
COLLEGE SOUTH
SAN JACINTO
COLLEGE SOUTH
MEMORIAL HERMANN
SOUTHEAST
HCA MEDICAL CENTER - CLEAR LAKE
MEMORIAL HERMANN CONVENIENT CARE
HCA HOUSTON HEALTHCARE SOUTHEAST
MD ANDERSON LEAGUE CITY
UTMB HEALTH LEAGUE CITY
HEART AND VASCULAR HOSPITAL
HOUSTON METHODIST CLEAR LAKE
KELSEY SEYBOLD CLINIC
TEXAS CHILDREN’S SPECIALTY CARE
UTMB HEALTH CLEAR LAKE
– HCA Medical Center - Clear Lake: more than
3,000 medical professionals and 595 beds; recently
completed a $92 million expansion that includes new
154,470 SF patient tower and 79,940 SF of renovations
– Heart and Vascular Hospital, an extension of HCA
Medical Center - Clear Lake: spans 305,000 SF
and has the advantage of being the only cardiology
hospital south of Houston
– Houston Methodist Clear Lake: more than 400
physicians and 800 full-time employees, Clear Lake’s
only “A” rated hospital by The Leapfrog Group
– HCA Houston Healthcare Southeast: 250 physicians
and 1,500 employees
– UTMB: The University of Texas Medical Branch at
Galveston signed a 15-year lease for the former Bay
Area Regional Medical Center. UTMB opened in
March of 2019 and contains 87 private patient rooms
and has the capacity to expand to 191 rooms.
– Kelsey-Seybold Clinic: recently completed new
55,000 SF facility consolidating the two previous
locations
15

– Established in 1961, the facilities span
1,700 acres and supports a 10,000 person
workforce
– Home to the nation’s Astronaut Corps,
the International Space Station mission
operations, the Orion Program, and a host of
future space developments
– The Johnson Space Center leads NASA’s
human spaceflight-related scientific and
medical research programs
– Space Center Houston hosts more than 1M
visitors annually in 250,000 SF space learning
center
Space Center Blvd
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Saturn Ln
El Dorado Blvd
E NASA Pkwy
THE RIVIERA AT CLEAR LAKE
NASA / JOHNSON SPACE CENTER
Less Than 2 Miles
NASA / Johnson Space Center

El Camino Real
Bay Area Blvd
Buccaneer Ln
Sea Liner Dr
Ramada Dr
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Clear Lake
Kemah Boardwalk
Armand Bayou Nature Center
University of Houston
- Clear Lake
Space Center
Intermediate School
NASA Mission Control Center Space Center
Houston
PETROCHEMICAL CORRIDOR
Clear Lake City-County
Freeman Branch Library
N
17
Aerial

Clear Creek ISD
– Ranked 5th Best School District in the Houston Area for 2021 by Niche
– District is home to 45 schools, 5,000 employees, and more than 42,000
students
– Zoning:
– Clear Lake City Elementary
– Space Center Intermediate School
– Clear Lake High School
Clear Creek ISD Education Village
– $116M complex spanning 144-acre campus that includes a high school,
intermediate school, and elementary school
– Primary emphasis of the campus will be the integration of 21st century skill
throughout the curriculum
– First of its kind in Texas public school system and one of only two in the
nation
CLEAR CREEK ISD CHALLENGER COLUMBIA STADIUM
League City Parkway
Clear Creek Education Village
Home to 5,000 Students on 114-acres
$116M Complex Completed in 2010
Integrated Technology
Campus-wide Greenhouse
Clear Falls High School
Bayside Intermediate
CLEAR CREEK ISD EDUCATION VILLAGE
Space Center Blvd
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Bay Area Blvd
Middlebrook Dr
Saturn Ln
El Dorado Blvd
Pineloch Dr
E NASA Pkwy
Clear Lake City Blvd
N
CLEAR LAKE HIGH SCHOOL
SPACE CENTER INTERMEDIATE SCHOOL
CLEAR LAKE CITY ELEMENTARY
NASA
UNIVERSITY OF HOUSTON
- CLEAR LAKE
Education

Port of Houston
– Nation’s largest port for foreign waterborne tonnage
– Supports the creation of nearly 1.2 million jobs in Texas and 2.7
million jobs nationwide
– Port activity generates more than $265 billion in statewide economic
impact
– 56,000 jobs are directly generated by activities at the marine
terminals
– 80,000 jobs are supported by the local purchases of the 56,000
employees
Petrochemical CORRIDOR
– Houston’s ship channel and surrounding area along Gulf Coast
represents 40% of U.S. petrochemical manufacturing
– Average yearly wage in Texas’ refining and chemical manufacturing
industry is $95,000
– Located in close proximity to multiple medical centers including
HCA Medical Center - Clear Lake, Houston Methodist Clear Lake,
Memorial Hermann Southeast, and Cornerstone Hospital
– HCA Medical Center - Clear Lake – Over 3,000 medical
professionals and nearly 600 beds
– Houston Methodist Clear Lake – More than 400 physicians and
800 full-time employees
– UTMB - Recently opened in 2019 and contains 87 private patient
rooms
UTMB League City Campus
– Phase 2 of UTMB was recently completed in the summer of 2020
and increased the hospital’s bed count by 60 patient beds
– In November of 2018, MD Anderson completed its four-story facility
in League City that houses the new and expanded cancer care
center
HCA MEDICAL CENTER - CLEAR LAKE UTMB LEAGUE CITY
19
Employment

Hobby
Airport
Clover
Field
Baybrook
Mall
HOUSTON CENTRAL
BUSINESS DISTRICT
150,195 Employees
Brady
Island
Booth
Yard
Pasadena
Refinery Air
Products
Air
Products
Linde
Milennium
Noltex
Praxair
Arco
FMC
Goodyear
Southern
Ionics
Equistar
Equistar
Syngenta
Kaneka
Lubrizol Huish
Eval
Lyondell
Celanese
Chemicals
Dupont
Reagens
Lonza Engelhard
Dixie
Haldor
Topsoe
Nisseki
Bayou
Cogeneration
Basf
Carpenter
American
Acryl
Nova
Chemicals
Atofina
DAI
Barbour’s Cut
Terminal
Greens Port
Industrial Park
Altivia Beichhold
G.B. Bio
Sciences
Merisol
Atofina
Chemicals
Port at
Green Bayou
Agrifos
Green
Earth
BP
Chemical
Ethyl
Fornax
Georgia
Gulf
Metton
BP
Solvay
Akzo
Nobel
Gulbrandsen
Atofina
Petrochemicals
Degussa
Global
Octanes
Clean
Harbors
Environ-
mental
Lubrizol
Rohn
& Haas
Sunoco
Chemicals
MEMC
Texmark
Manchester
Yard
Goodyear
Rubber
Texas Petro
Chemical
Lyondell
Citgo
San Jacinto State
Park & Monument
Armand Bayou Park
& Nature Center
Tom Bass Regional Park
University
of Houston
- Central
Texas Southern
University
610
10
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610
Almeda Genoa Rd
Monroe
Rd
Richie
Rd
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Almeda Genoa Rd
Spencer Hwy
Pasadena Blvd
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Old Highway 146
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Bayway
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Fairmont Pkwy
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Space Center Blvd
Bay
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NASA Rd 1
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Shaver
Rd
Federal
Rd
Market St
Harrisburg Rd
Broadway
Rd
Broadway Rd
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Rd
Old Spanish Trail
Lawndale
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Airport Blvd
Garth
Rd
45
JSW Steel
Walmart
Distribution
Home Depot
Distribution
G.E.
Exel
Siemens
National
Oilwell Varco
Borusan
Mannesmann
Cedar Port
Barge Dock
Main
St
Marina Bay Dr
7,000 Employees • 3,400 acres
2nd largest reﬁning complex in US
$1.9B expansion coming soon
BAYTOWN REFINERY
#1 Port in US - 10th largest port in world
56,000 direct jobs - 50,000 indirect jobs
$264.9 B economic impact
PORT OF HOUSTON
$15 B petrochemical complex
35,000 employees - $87k avg annual wage
Largest in US, 2nd in world
PETROCHEMICAL INDUSTRY
960 employees
1,200 contract workers
1,200 acres
2,000 employees
1,650 acres
15,000 acres
5th largest global industrial park
Secured 200 acre Foreign Trade Zone
CEDAR PORT INDUSTRIAL PARK
835 acre rail served logistics park
Dual rail service and daily interchanges
Foreign Trade Zone designation
AMERIPORT INDUSTRIAL PARK
SAN JACINTO MALL
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LA PORTE
PASADENA
BAYTOWN
KEMAH
BOARDWALK
WEBSTER
HEALTHCARE
CORRIDOR
JOHNSON
SPACE CENTER
ELLINGTON FIELD
LA PORTE
MUNICIPAL
AIRPORT
University of Houston
Clear Lake
San Jacinto College
South
Memorial Hermann
Southeast
San Jacinto College
Central
Exxon planning a $1.9B expansion within the facility’s
existing boundaries
Enterprise Products Partners recently delivered service in
1Q2020 of 10th NGL fractionator in Mont Belvieu with
$.8B expansion
Spec Development set to deliver on 400K SF worth of
industrial space called Port 10 Logistics Center in 2019
Plastic Bagging & Packaging got a new distribution
center with 519K SF in Cedar Port Industrial Park
completed in 2019
Total authorizes $1B Bayport plastics expansion in
Pasadena
Covestro to invest $1.7B in a new world-scale MDI plant
in Baytown, TX
ONEOK to spend $1B+ on a new processing plant and
pipeline in Mont Belvieu
JSW’s Steel Plant $500M expansion is expected to bring
500+ more jobs for Baytown, TX
San Jacinto Mall to be renamed San Jacinto Marketplace
following 1M SF renovation
LyondellBasell is building the world’s largest $2.4B
propylene oxide and tertiary butyl alcohol plant
Enterprise Products Partners and Navigator Holdings are
building an ethylene export terminal in Morgan’s Point
OVER $8B IN DEVELOPMENT
BREAKING GROUND
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Petrochemical Industry

– There are 6 petrochemical expansions currently underway or recently completed. These expansions total over $12.5 Billion and will add over
650 jobs to the area.
– Petrochemical growth is driven by the recent boom in U.S. crude oil exports.
– Port of Houston and Gulf Coast Ports currently handle 80% of the nation’s polyethylene exports, this number is expected to continue
increasing thanks to the continued investment in Gulf Coast Petrochemical facilities.
Largest Gulf Coast Container Port
Largest Gulf Coast Container Port
45% Texas Market Share
by Tonnage
by Tonnage
in Container Traffic
in Container Traffic
21
Petrochemical Industry

Economic Impact
– 67k direct jobs created related to marine cargo
and vessel activity by Port activity
– Another 1.28M of induced, indirect and related
jobs generated across the State of Texas in 2018
– Total economic impact to the State of Texas of
$339B in 2018 (roughly 20% of Texas’ GDP)
– More than $900M in new projects scheduled
during the next few years
Foreign Trade Zone (FTZ)
– Port of Houston manages FTZ #84, ranked #1
in U.S. for total merchandise received with over
$3B in total value of shipments in 2017
– Major companies participating in FTZ #84
include ExxonMobil, Shell Oil, Michelin North
America, Toshiba International, Gulf Coast
Maritime, Dril-Quip
1st
US Waterborne
Tonnage
1st
US Imports
1st
US Export Tonnage
2nd
US Total Tonnage
Largest Petrochemical
Complex in the US
$339 Billion in Statewide
Economic Impact
(20% of TX GDP)
1.28 Million Jobs
– The Port is a 25-mile long complex comprised
of nearly 200 private and public industrial
terminals
– Ranked #1 in U.S. foreign waterborne tonnage,
#1 in U.S. imports, #1 in U.S. export tonnage,
and #2 in U.S. total tonnage
– Accounts for over 70% of Gulf Coast container
trade
– Growing 2.5x faster than average U.S. port
Port of Houston

LyondellBasell Channelview
LyondellBasell’s new construction of world’s largest PO/TBA
plant in Channelview to be completed in 2021
– $2.4B capital investment creating over 2,000 construction
jobs and 160 permanent positions
– Over $453M of economic impact to the Greater Houston
Area
ExxonMobil
ExxonMobil recently completed Baytown Olefins Plant adds to
the company’s Baytown facilities which represents the largest
chemical investment in the U.S. to date
– 3,400-acre complex contributes more than $7B to regional
economy, including around 15,000 direct and indirect jobs
– Olefins Plant investment is part of 10-year, $20B “Growing
the Gulf” expansion program
Chevron Phillips’ Cedar Bayou facility
Chevron completed the purchase of Petrobras’ former Pasadena
terminal for $350M
– 466-acre complex including 323-acre refinery and capacity to store
5.1M bbl of crude oil and refined products
– Facility previously employed 500 full-time and contractor positions
under Pertobras’ ownership
Bayport Container Terminal
– The Bayport Container Terminal is considered the most modern
and environmentally sensitive container terminal on the U.S. Gulf
coast
– When fully developed, this state-of-the-art terminal will have a total
of seven container berths with the capacity to handle 2.3 million
TEUs on a complex which includes 376 acres of container yard and
a 123-acre intermodal facility
– The terminal’s environmental benefits include the preservation of
956 acres of diverse coastal habitat, 200 acres of new marsh, 173
acres of wetlands created or enhanced and the preservation of a
128-acre buffer zone
– The facility will generate more than 32,000 jobs and add
approximately $1.6 billion to the Texas economy through wages and
tax revenues
23
Petrochemical Facilities

University of Houston-Clear Lake
– University of Houston-Clear Lake (“UHCL”) is nestled on a 524-
acre wildlife and nature preserve and has become a cornerstone
of higher education along the Gulf Coast of Texas. Since
opening its doors in 1974, UHCL has awarded more than 62,000
degrees.
– UHCL offers more than 80 undergraduate and graduate degree
programs and also offers two doctor of education degrees in
educational leadership and curriculum and instruction.
– UHCL offers extensive class offerings and programs that attract
more than 8,600 students during the fall and spring semesters,
with many of them enrolled in graduate courses. More than 80
percent of its undergraduate student population transfers from
local community colleges to attain bachelor’s degrees at UHCL.
– More than 2,000 students graduate each academic year from
UHCL. UNIVERSITY OF HOUSTON CLEAR LAKE
Higher Education

–
Sierra Nevada Corp. signed a
letter of intent with Houston
Airport System to collaborate
on developing a spaceport at
Ellington Airport
– Currently employs over
3,600
– Originally constructed as an
Air Force base during World
War I, and is now used by the
military, commercial aircraft,
NASA, and general aviation
sectors
– Spans 2,428 acres with three
runways
– U.S. Coast Guard recently
completed a new $50
million regional facility with
over 100,000 SF and 350+
employees set to be the
Houston-Galveston regional
headquarters
– Houston Spaceport has
entered the pre-development
DOWNTOWN
HOUSTON
TEXAS MEDICAL
CENTER
Ellington Airport
Clear Lake
Intermediate School
Clear Lake City-County
Freeman Branch Library
NASA Area Little League
Whitcomb
Elementary School
El Cam
ino
Real
Galveston Rd
D
i
a
n
a
L
n
B
u
c
c
a
n
e
e
r
L
n
Ramada Dr
45
N
stage and Phase I covers 154 acres and is scheduled to be done in the next couple of years - bringing 200 jobs to the immediate area
– The U.S. Military Complex expansion was recently completed and includes a training center, logistics center, and battle commands center
representing a capital investment of $50 million
– The Lone Star Flight Museum is relocating to Ellington Field from Galveston; $35 million capital investment expected to attract 50,000 visitors
per year
25
Ellington International Airport

j
45
45
E. NASA Parkway
FM 517
League City Parkway
Red
Bluﬀ
Rd
3
3
35
ARMAND BAYOU
NATURE CENTER
CLEAR LAKE
JOHNSON
SPACE CENTER
ELLINGTON
FIELD
HOBBY
AIRPORT
KEMAH BOARDWALK
MAINLAND CROSSING
NASSAU BAY
TOWN SQUARE
TANGER OUTLETS
BAYBROOK MALL
ALMEDA MALL
TOPGOLF
LEAGUE CITY
TOWN CENTER
U OF HOUSTON
CLEAR LAKE
SAN JACINTO
COLLEGE SOUTH
CLEAR CREEK ISD
EDUCATION VILLAGE
BAYBROOK
Retail and Entertainment Map

Kemah Boardwalk
– A 50-acre mixed use development with a dynamic collection
of themed restaurants, retail shops, water gardens, and
amusements for the whole family
– State-of-the-art marina facility offers 424 boat slips
– Restaurants on the boardwalk include Landry’s Seafood, Bubba
Gump Shrimp, Saltgrass Steak House, Cadillac Bar and many
others
Clear Lake
– Maintains the 3rd largest concentration of pleasure boats in
the United States
– Hosts 19 separate marinas and more than 7,000 boat slips
– Recreational boating accounts for ten percent of all gross sales
in the bay area totaling more than $200 million annually
Nassau Bay Town Square
– A 31-acre, mixed-use development built by Griffin Partners
located at the intersection of NASA Parkway and Upper Bay
Road, directly across from the Johnson Space Center
– Includes 600,000 SF of office space, 73,000 SF of retail space,
a 176-room Marriot Hotel, and 27,000 square foot conference
center
– Home to Nassau Bay City Hall
KEMAH BOARDWALK
CLEAR LAKE
NASSAU BAY TOWN SQUARE
27
Retail and Entertainment

Baybrook Master-Planned Retail Development &
Surrounding Retail
–
2,000-acre master-planned development totaling 527,785 SF
containing four shopping centers:
– Baybrook Village: 228,000 SF
– Baybrook Landing: featuring a 140,000 SF Lowe’s
– Baybrook Passage: 188,00 SF
– Other area retail at I-45 and Bay Area Blvd. include Baybrook Square
(295,000 SF), Baybrook Gateway (237,000 SF)
Baybrook Mall/Baybrook Square
– A major retail hub of Southeast Houston consisting of over 1.3 million
square feet of retail space, located at the intersection of I-45 and Bay
Area Blvd
– 175 stores and restaurants
– Top ranked suburban mall in the Houston MSA by visitor count and
sales per square foot
– Tenants include Sears, Macy’s, Dillard’s, JCPenny, Rooms To Go, Ross
Dress for Less, Old Navy, Marshalls, Office Depot, Petsmart, Target,
Best Buy, Lowe’s, and Staples

League City Towne Center
– Located at IH 45 and FM 646
– Anchor tenants include Target, Home Depot,
Walmart, Lowe’s, Hobby Lobby, Ross Dress
for Less, Staples, and TJ Maxx
Top Golf
– Premier golf entertainment complex
consisting of 65,000 SF
– The attraction features multiple levels of golf
lanes in a driving range style where guests
can participate in team competition games
or simply practice their swing
– Features full waiter service at the golf lanes
and an extensive food and beverage menu
Tanger Outlets
– 55-acre site with Phase One encompassing
90 stores and 350,000 SF of retail
– Stores include Banana Republic, Brooks
Brothers, Polo Ralph Lauren, Calvin Klein,
Perry Ellis, GAP, and more
29

CONSTRUCTION
Style
Garden-style
Year of Construction
1963 / 1980
Buildings
33 two-story residential building, 1
leasing office, 4 clothes care facilities
Foundation
Concrete post tension slab
Exterior Walls
Brick
Roof Systems
Pitched, composition shingles
Floor Coverings
Faux wood, vinyl and carpeting
Paving
Concrete
Wiring
Copper & aluminum with Colar devices
and FPE breakers
Piping
Copper
MECHANICAL SYSTEMS
Electricity
Individually metered
Water/Sewer
Master-metered; RUBS
HVAC
Individual climate controlled units
Hot Water
Boiler system & individual hot water
heaters
PARKING
Open Surface Spaces
241
Handicap Spaces
7
Detached Garages
163
Total Parking Spaces
411
Spaces Per Unit
1.42
PROPERTY INFORMATION
Property Details

FEES AND DEPOSITS
EDUCATION
Application Fee
$40/single, $50 couple
Deposit
$100 - 1 Bedroom
$200 - 2 Bedroom
$300 - 3 Bedroom
Pet Fee
$300
Pet Rent
$10/pet/month
Pet Restrictions
2 pets maximum
School District
Clear Creek
Elementary School
Clear Lake City
Middle School
Space Center
High School
Clear Lake
PERSONNEL
Manager
1 full-time
Assistant Manager
1 full-time
Leasing Consultant
2 full-time
Maintenance Supervisor
1 full-time
Maintenance Technician
1 full-time
Porter
1 full-time
Housekeeper
1 full-time
Make Ready
1 full-time
Total Employees
9 employees
33
Property Details

- Gated Access Community
- Children’s Playground
- Fitness Center
- Swimming Pool
- On-Site BBQ Grill Access
- Quick Access to I-45 and Beltway 8
- Reserved Parking
- Central Location
- On-Site Maintenance
- On-Site Pet Station
- 4 On-site Clothes Care Facilities
FITNESS CENTER SWIMMING POOL
ON-SITE BBQ GRILL
ACCESS
4 ON-SITE CLOTHES CARE
FACILITIES
COVERED PARKING
AVAILABLE
CHILDREN’S PLAYGROUND
Community Amenities

DISHWASHER
BRUSHED NICKEL
HARDWARE
REFRIGERATOR
DISPOSAL
MINI-BLINDS
CEILING FAN
FIREPLACE*
WALK-IN CLOSET
FAUX WOOD FLOORS
35
Interior Features

Property Photos

UNITS
%
TYPE
UNIT SF
MKT RENT/
SF/MO
TOTAL SF
MONTHLY
MARKET
TOTAL
8 2.77% 631 $1.23 5,048 $6,232
8 2.77% 631 $1.23 5,048 $6,184
12 4.15% 719 $1.16 8,628 $10,020
11 3.81% 719 $1.08 7,909 $8,569
1 0.35% 719 $1.18 719 $845
25 8.65% 730 $1.03 18,250 $18,750
1 0.35% 730 $1.19 730 $869
24 8.30% 730 $0.96 17,520 $16,896
1 0.35% 730 $1.11 730 $810
1 0.35% 730 $1.12 730 $815
34 11.76% 900 $1.11 30,600 $33,830
2 0.69% 900 $1.07 1,800 $1,930
30 10.38% 900 $1.10 27,000 $29,640
4 1.38% 900 $1.11 3,600 $3,984
2 0.69% 900 $1.11 1,800 $1,996
47 16.26% 995 $0.91 46,765 $42,676
40 13.84% 995 $0.87 39,800 $34,730
4 1.38% 995 $0.89 3,980 $3,560
2 0.69% 995 $0.95 1,990 $1,900
4 1.38% 1,096 $1.02 4,384 $4,456
14 4.84% 1,132 $1.03 15,848 $16,380
13 4.50% 1,132 $1.05 14,716 $15,379
1 0.35% 1,132 $1.07 1,132 $1,212
289 100% 895 $1.01 258,727 $261,663
$890
$950
$1,114
$1,170
$1,183
$1,212
$998
$908
$868
$869
$704
$810
$815
$995
$988
$996
$750
TOTALS/AVERAGES $905
2 BEDROOMS / 1.5 BATHROOMS
3 BEDROOMS / 2 BATHROOMS
1 BEDROOM / 1 BATHROOM
UNIT
DESCRIPTION
MKT RENT/
UNIT/MO
$779
$773
$835
$779
$845
$965
UNITS
%
TYPE
UNIT SF
MKT RENT/
SF/MO
TOTAL SF
MONTHLY
MARKET
TOTAL
ANNUAL
MARKET
TOTAL
8 2.77% 631 $1.23 5,048 $6,232 $74,784
8 2.77% 631 $1.23 5,048 $6,184 $74,208
12 4.15% 719 $1.16 8,628 $10,020 $120,240
11 3.81% 719 $1.08 7,909 $8,569 $102,828
1 0.35% 719 $1.18 719 $845 $10,140
25 8.65% 730 $1.03 18,250 $18,750 $225,000
1 0.35% 730 $1.19 730 $869 $10,428
24 8.30% 730 $0.96 17,520 $16,896 $202,752
1 0.35% 730 $1.11 730 $810 $9,720
1 0.35% 730 $1.12 730 $815 $9,780
34 11.76% 900 $1.11 30,600 $33,830 $405,960
2 0.69% 900 $1.07 1,800 $1,930 $23,160
30 10.38% 900 $1.10 27,000 $29,640 $355,680
4 1.38% 900 $1.11 3,600 $3,984 $47,808
2 0.69% 900 $1.11 1,800 $1,996 $23,952
47 16.26% 995 $0.91 46,765 $42,676 $512,112
40 13.84% 995 $0.87 39,800 $34,730 $416,760
4 1.38% 995 $0.89 3,980 $3,560 $42,720
2 0.69% 995 $0.95 1,990 $1,900 $22,800
4 1.38% 1,096 $1.02 4,384 $4,456 $53,472
14 4.84% 1,132 $1.03 15,848 $16,380 $196,560
13 4.50% 1,132 $1.05 14,716 $15,379 $184,548
1 0.35% 1,132 $1.07 1,132 $1,212 $14,544
289 100% 895 $1.01 258,727 $261,663 $3,139,956
$890
$950
$1,114
$1,170
$1,183
$1,212
$998
$908
$868
$869
$704
$810
$815
$995
$988
$996
$750
$905
ATHROOMS
THROOMS
THROOMS
THROOMS
THROOMS
THROOMS
ATHROOMS
ATHROOMS
ATHROOMS
ATHROOMS
HROOM
HROOM
HROOM
THROOMS
HROOM
HROOM
HROOM
HROOM
HROOM
HROOM
HROOM
THROOMS
THROOMS
MKT RENT/
UNIT/MO
$779
$773
$835
$779
$845
$965
37
Unit Mix

One Bedroom / One Bath
631 Square Feet
730 Square Feet
719 Square Feet
Three Bedroom / Two Bath
1,132 Square Feet
Floor Plans

Two Bedroom / One and a Half Bath
995 Square Feet
Two Bedroom / Two Bath
900 Square Feet
Two Bedroom / One and a Half Bath
1,096 Square Feet
39
Floor Plans

INCOME
Gross Scheduled Rent
Less: Vacancy
Less: Non-Revenue Units
Less: Collection Loss
Total Rental Income
Plus: Utility Reimbursements
Plus: Trash
Plus: Other
Total Other Income
Effective Gross Income
EXPENSES
Repairs and Maintenance
Payroll
Administrative
Marketing
Trash
Security
Utilities
Total Variable Expenses
Taxes
Franchise Tax
Insurance
Management Fee
Total Operating Expenses
Capital Reserves
Total Expenses
Net Operating Income
% of GSR Totals Per Unit Per SF
PRO FORMA FINANCIAL ANALYSIS
100.00% $3,105,420 $10,745 $12.00
5.00% 155,271 537 0.60
1.50% 46,581 161 0.18
0.35% 10,745 37 0.04
93.15% $2,892,822 $10,010 $11.18
3.66% 113,682 393 0.44
% of GSR Totals Per Unit Per SF
8.26% 256,449 887 0.99
0.73% 22,667 78 0.09
12.65% 392,798 1,359 1.52
% of EGI Totals Per Unit Per SF
105.80% $3,285,620 $11,369 $12.70
10.56% 346,800 1,200 1.34
4.40% 144,500 500 0.56
0.88% 28,900 100 0.11
2.64% 86,700 300 0.34
0.88% 28,900 100 0.11
1.10% 36,125 125 0.14
25.17% $826,941 $2,861 $3.20
4.72% 155,016 536 0.60
0.33% 10,875 38 0.04
11.17% 366,966 1,270 1.42
3.25% 106,783 369 0.41
5.72% 187,850 650 0.73
3.52% 115,600 400 0.45
45.64% $1,499,414 $5,188 $5.80
$1,670,606 $5,781 $6.46
49.15% $1,615,014 $5,588 $6.24
FINANCIAL ANALYSIS
Pro Forma Analysis

INCOME EXPENSE
– Gross Scheduled Rent (GSR) – Pro Forma Year 1
GSR is projected at $3,105,420 annually, or $258,785
per month.
– Vacancy Loss – In Pro Forma Year 1, the Property
is expected to maintain at least a 95% occupancy
rate.
– Non-Revenue Units – In Pro Forma Year 1, Non-
Revenue Units are assumed at 0.35% of GSR. This
accounts for one model unit at the property
– Collection Loss – In Pro Forma Year 1, Collection
Loss is assumed at 1.50% of GSR.
– Total Rental Income – Total Rental Income equals
GPI less Vacancy, Non-Revenue Units, and
Collection Loss. Pro Forma Year 1 totals $2,892,822
annually, or $241,069 per month.
– Utility Reimbursements – Utility Reimbursements for
Pro Forma Year 1 is projected at $113,682 annually,
or $393 per unit. This value is based off Nov’20 T12
actuals and grown 3.0%.
– Trash – Trash for Pro Forma Year 1 is projected at
$22,667 annually, or $78 per unit. This value is based
off Nov’20 T12 actuals and grown 3.0%.
– Other – Other for Pro Forma Year 1 is projected at
$256,449 annually, or $887 per unit. This value is
based off Nov’20 T 12 actuals and grown 3.0%.
– Effective Gross Income – Effective Gross
Income equals Total Rental Income plus Utility
Reimbursements, Other Income, and Trash Income
and is projected at $3,285,620 in Pro Forma Year 1,
or $273,802 per month.
– Repairs and Maintenance – In Pro Forma Year 1, Repairs and Maintenance expenses are projected
at $144,500 annually, or $500 per unit, which are in line with surrounding comparable properties and
historical Repairs and Maintenance expenses.
– Payroll – In Pro Forma Year 1, Payroll expenses are projected at $346,800 annually, or $1,200 per unit,
which are in line with surrounding comparable properties and historical Payroll expenses.
– Administrative – In Pro Forma Year 1, Administrative expenses are projected at $86,700 or $300 per
unit, which are consistent with historical Administrative expenses and properties of this size.
– Marketing – In Pro Forma Year 1, Marketing expenses are projected at $28,900 annually, or $100 per
unit, which are consistent with historical Marketing expenses and properties of this size.
– Trash – In Pro Forma Year 1, Trash expenses are projected at $28,900 annually, or $100 per unit, which
are consistent with historical Trash expenses and properties of this size.
– Security – In Pro Forma Year 1, Security expenses are projected at $36,125 annually, or $125 per unit,
which are consistent with historical Security expenses and properties of this size.
– Utilities – The property has an average Utilities cost for apartment communities of this quality and
area. Utilities are based on historical operations and grown 3.00%. They are projected at $155,016
annually, or $536 per unit.
– Real Estate Taxes – The Riviera At Clear Lake is located in Harris County. The 2019 property
assessment was $10,477,516 and the assessment for 2020 increased to $12,982,900. The Pro Forma
Year 1 Tax expense is calculated by growing the 2020 assessed value by 5% and multiplying by the
2020 tax rate (2.6919 per $100). The projected Pro Forma Year 1 taxes are $366,966 or $1,270 per unit.
– Franchise Taxes – In Pro Forma Year 1, Franchise Tax is calculated by taking 33.1% of 1% of Effective
Gross Income, which equates to $10,875 per year.
– Insurance – In Pro Forma Year 1, Insurance expenses are projected at $187,850, or $650 per unit.
Insurance expenses vary depending on the coverage and deductible selected by the investor, and
whether the Property is included on a single-asset or a blanket policy.
– Management Fee – Management Fee is projected to be 3.25% of Effective Gross Income, which
equals $106,783 annually, or $369 per unit in Pro Forma Year 1. This is in line with properties in this
submarket of this size and quality.
– Capital Reserves – The Property was built in 1963 / 1980. Pro Forma Year 1 Capital Reserves are
projected at $115,600 annually, or $400 per unit.
– Total Operating Expenses – Total Operating Expenses (including Capital Reserves) in Pro Forma Year
1 are projected to be $1,615,014 annually, or $5,588 per unit.
– Net Operating Income – Pro Forma Year 1 Net Operating Income (after Capital Reserves) is
projected at $1,670,606.
FINANCIAL ANALYSIS
43
Underwriting Assumptions

# PROPERTY YOC
OCCUPANC
Y
UNIT TYPE # OF UNITS TOTAL NRA AVG. SF
MARKET
RENT
MARKET
RENT PSF
EFFECTIVE
RENT
EFFECTIVE
RENT PSF
EFF. RENT
DELTA
(Comp vs. Subject)
1-Bed 234 159,588 682 $838 $1.23 $838 $1.23 $91
2-Bed 231 227,304 984 $988 $1.00 $988 $1.00 $96
3-Bed 25 34,900 1,396 $1,389 $0.99 $1,389 $0.99 $263
Total/Avg. 490 421,792 861 $937 $1.09 $937 $1.09 $66
1-Bed 119 93,058 782 $924 $1.18 $848 $1.08 $101
2-Bed 129 137,901 1,069 $1,197 $1.12 $1,097 $1.03 $205
Total/Avg. 248 230,959 931 $1,066 $1.14 $978 $1.05 $107
1-Bed 76 53,200 700 $974 $1.39 $932 $1.33 $185
2-Bed 208 200,096 962 $1,034 $1.07 $992 $1.03 $100
Total/Avg. 284 253,296 892 $1,018 $1.14 $976 $1.09 $105
1-Bed 130 93,990 723 $832 $1.15 $806 $1.11 $59
2-Bed 169 172,549 1,021 $1,070 $1.05 $1,070 $1.05 $178
3-Bed 48 62,208 1,296 $1,407 $1.09 $1,407 $1.09 $281
Total/Avg. 347 328,747 947 $1,027 $1.08 $1,018 $1.07 $147
1-Bed 128 80,128 626 $897 $1.43 $860 $1.37 $113
2-Bed 86 84,882 987 $1,235 $1.25 $1,183 $1.20 $291
Total/Avg. 214 165,010 771 $1,033 $1.34 $990 $1.28 $119
Efficiency 20 8,760 438 $672 $1.53 $672 $1.53 N/A
1-Bed 65 41,470 638 $803 $1.26 $803 $1.26 $56
2-Bed 58 53,882 929 $1,156 $1.24 $1,156 $1.24 $264
3-Bed 1 1,350 1,350 $1,598 $1.18 $1,598 $1.18 $472
Total/Avg. 144 105,462 732 $933 $1.27 $933 $1.27 $62
Efficiency 12 5,028 419 $675 $1.61 $675 $1.61 N/A
1-Bed 63 41,706 662 $827 $1.25 $827 $1.25 $80
2-Bed 62 60,574 977 $1,022 $1.05 $1,022 $1.05 $130
3-Bed 12 15,888 1,324 $1,325 $1.00 $1,325 $1.00 $199
Total/Avg. 149 123,196 827 $936 $1.13 $936 $1.13 $65
Efficiency 16 13,788 431 $673 $1.56 $673 $1.56 N/A
1-Bed 116 563,140 691 $868 $1.26 $843 $1.22 $96
2-Bed 135 937,188 994 $1,077 $1.08 $1,049 $1.06 $157
3-Bed 22 114,346 1,330 $1,393 $1.05 $1,393 $1.05 $266
Total/Avg. 268 1,628,462 868 $994 $1.14 $969 $1.12 $98
1-Bed 92 65,312 710 $761 $1.07 $747 $1.05
2-Bed 169 161,719 957 $939 $0.98 $892 $0.93
3-Bed 28 31,696 1,132 $1,178 $1.04 $1,126 $1.00
Total/Avg. 289 258,727 895 $905 $1.01 $871 $0.97
* Subject rents and occupancy are based on the current rent roll and may not tie to the financials
1
2
Regatta, The 1968 92%
Sapphire, The 1967 90%
5
6
Barringer
Square
1984 92%
Grand Hampton
At Clearlake,
The
1977 93%
3
4
McAlister 1985 96%
Newport At
Clear Lake
1979 91%
SUBJECT
Terrace Villas 1973 90%
7
92%
TOTALS/
AVERAGES
92%
1963/1980
Riviera At Clear
Lake,The
MARKET OVERVIEW
Rent Comparables

45
Space Center Blvd
G
a
l
v
e
s
t
o
n
R
d
E
g
r
e
t
B
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B
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C
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o
R
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a
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Bay Area Blvd
NASA Road 1
Middlebrook Dr
FM Rd 518 East
El Dorado Blvd
M
a
i
n
S
t
W
NASA Pkwy
Clear Lake City Blvd
BARRINGER SQUARE
THE GRAND HAMPTON AT CLEAR LAKE
THE SAPPHIRE
MCALISTER
THE REGATTA
NEWPORT AT CLEAR LAKE
TERRACE VILLAS
N
C
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e
a
r
L
a
k
e
M
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L
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e
MARKET OVERVIEW
47
Rent Comparables Map

Texas law requires all real estate license holders to give the following information about
brokerage services to prospective buyers, tenants, sellers and landlords
Types of Real Estate License Holders:
– A BROKER is responsible for all brokerage activities, including acts performed by sales
agents sponsored by the broker.
– A SALES AGENT must be sponsored by a broker and works with clients on behalf of the
broker.
A Broker’s Minimum Duties Required by Law (A client is the person or party that the
broker represents):
– Put the interests of the client above all others, including the broker’s own interests;
– Inform the client of any material information about the property or transaction received by
the broker;
– Answer the client’s questions and present any offer to or counter-offer from the client; and
– Treat all parties to a real estate transaction honestly and fairly.
A License Holder can Represent a Party in a Real Estate Transaction:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s
agent through an agreement with the owner, usually in a written listing to sell or property
management agreement. An owner’s agent must perform the broker’s minimum duties above
and must inform the owner of any material information about the property or transaction known
by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s
agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing
to represent the buyer, usually through a written representation agreement. A buyer’s agent
must perform the broker’s minimum duties above and must inform the buyer of any material
information about the property or transaction known by the agent, including information
disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the
broker must first obtain the written agreement of each party to the transaction. The written
agreement must state who will pay the broker and, in conspicuous bold or underlined print, set
forth the broker’s obligations as an intermediary. A broker who acts as an intermediary:
– Must treat all parties to the transaction impartially and fairly;
– May, with the parties’ written consent, appoint a different license holder associated with the
broker to each party (owner and buyer) to communicate with, provide opinions and advice
to, and carry out the instructions of each party to the transaction.
– Must not, unless specifically authorized in writing to do so by the party, disclose:
– That the owner will accept a price less than the written asking price;
– That the buyer/tenant will pay a price greater than the price submitted in a written offer;
– And any confidential information or any other information that a party specifically instructs
the broker in writing not to disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction
without an agreement to represent the buyer. A subagent can assist the buyer but does not
represent the buyer and must place the interests of the owner first.
To Avoid Disputes, All Agreements Between You and A Broker Should be in Writing and
Clearly Establish:
– The broker’s duties and responsibilities to you, and your obligations under the representation
agreement.
– Who will pay the broker for services provided to you, when payment will be made and how
the payment will be calculated.
License Holder Contact Information:
This notice is being provided for information purposes. It does not create an obligation for you
to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy
for your records.
Southwest Residential Partner’s Inc.
License number 345433
t 713-425-5430
aimee.hawthorne@ngkf.com
APPENDIX
Information on Brokerage Relationships

Prospective purchasers are hereby advised the Owner (“Owner”) of The Riviera at Clear Lake (“Property”)
is soliciting offers through Newmark, which may be accepted or rejected by the Owner at the Owner’s sole
discretion.
Any solicitation of an offer for the Property offered hereunder will be governed by this Offering, as it may be
modified or supplemented. Prospective purchasers are advised that as part of the offer process, the Owner will
be evaluating several factors including the experience and financial qualifications of the purchasing entity.
The Owner shall have no obligation to accept any offer from any prospective purchaser. The Owner reserves the
right to withdraw the Property from consideration at any time prior to final execution of a Purchase Agreement.
This Offering document is furnished to prospective purchasers for the purpose of determining whether to invest
in the Property offered hereby. The information contained herein, or any other related information provided by the
Owner, may not be reproduced, redistributed or used in whole or in part without the prior written consent of the
Owner.
No person has been authorized to give any information or make any representation or warranty, either expressed
or implied and, if given or made, such information or representation must not be relied upon.
While the Owner and Newmark have no reason to believe that the information provided herein or in subsequent
information updates delivered to potential purchasers hereunder contains any material inaccuracies, neither the
Owner nor Newmark nor any of the Owner’s or Newmark’s respective subsidiaries, affiliates, companies, or the
officers, directors, employees, agents and representatives of any such entities, etc., make any representations or
warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to
be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such
parties as to the future performance of the Property or any other matters set forth herein.
Any obligations to prospective purchasers that the Owner may have with respect to the Property are limited to
those expressly set forth in a fully executed Purchase Agreement between the parties. Prospective purchaser’s
sole and exclusive rights against the Owner, with respect to this prospective transaction, the Property, or
information provided herein or subsequently, shall be limited to those remedies expressly provided in an executed
Purchase Agreement, which shall not survive the closing. Further, in no event shall prospective purchasers have
any claims against the Owner, Newmark, or any of their respective affiliates for any damages, liability, or causes of
action relating to the Purchase Agreement.
Prospective purchasers are not to construe the contents of this Offering or any prior or subsequent information
communications from the Owner or any of their respective officers, employees or agents as legal, tax or other
advice. Prior to purchasing, prospective purchasers should consult with their own legal counsel and personal
and tax advisors to determine the consequences of an investment in the Property and arrive at an independent
evaluation of such investment.
No commission or finder’s fee shall be payable to any party by the Owner nor any affiliate or agent thereof in
connection with the sale of the Property unless otherwise agreed to by the Owner in writing.
Acquisition of properties such as this offered hereunder involves a high degree of risk and are suitable only for
persons and entities of substantial financial means.
APPENDIX
51
Disclaimer

More information is available on our website at: http:/
/arausa.listinglab.com/RivieraAtClearLake
Investment Sales Debt and Structured Finance
Zach Springer
t 713-425-5428
m 713-897-9670
zach.springer@ngkf.com
David Mitchell
t 713-425-5421
m 713-503-2513
david.mitchell@ngkf.com
Thomas Alleman
t 713-425-5434
m 713-305-3827
thomas.alleman@ngkf.com
Matt Saunders
t 713-554-1303
m 281-300-1468
matt.saunders@ngkf.com
Russell Jones
t 713-425-5422
m 832-541-1499
russell.jones@ngkf.com
Jonathan Powell
t 713-425-5432
m 512-810-1555
jonathan.powell@ngkf.com
Brett Benton
t 713-337-5800
m 210-860-5515
brett.benton@ngkf.com
Tip Strickland
t 713-337-5810
m 832-724-4288
tip.strickland@ngkf.com
David Schwarz
t 713-337-5811
m 713-412-9055
david.schwarz@ngkf.com
Purvesh Gosalia
t 713-300-7954
m 313-570-5221
purvesh.gosalia@ngkf.com
Ryan Gregory
t 713-300-7961
m 713-829-0579
ryan.gregory@ngkf.com

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