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LEGAL NOTICE AND DISCLAIMER

This document includes statements, estimates and projections provided by the Sponsor with respect tofuture performance of this asset. Such statements, estimates, and projections reflect significant assumptionsand subjective judgments by the Sponsor’s management concerning the expected results. These assumptionsand judgments may or may not prove to be correct, and there can be no assurance that any projected resultsare attainable or will be realized. The Sponsor does not assume any responsibility for verifying any suchstatements, estimates and projections, and the Sponsor does not make any representation or warranty as totheir accuracy or completeness or that the assumptions on which they are based are valid.

Although the information contained herein is believed to be accurate, the Sponsor has not conducted any analysis with respect to such information, and expressly disclaims any and all liability for representations and/or warranties, expressed or implied, or for any omissions from this document or any other written or oral communications to any interested party in the course of their evaluation

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MANAGEMENT

MANAGER/DEVELOPER BDR Sonata I Investment LLC

SPONSOR BDR Sonata I LLC

OWNER BDR Sonata East LLC

CONTRACTOR Venture Construction

ARCHITECT NK Architects

PROPERTY MANAGEMENT Coast Management

PROJECT SALE AGENT CB Richard Ellis

CONTENTS

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EXECUTIVE SUMMARY 5

INVESTMENT OFFERING 11

PROPERTY DETAIL 13

FINANCIAL SUMMARY 17

MARKET ANALYSIS & COMPARABLES 21

SPONSOR 28

EXECUTIVE SUMMARY

PROJECT HIGHLIGHTS• Exceptional Product: completed in 2019 with 91 units• New Seattle Transit Oriented Development (TOD): adjacent to the new

Columbia City Station LINK Light Rail station.• Gateway location near major employment centers: poised to take advantage

of rapid hi-tech employment growth in Seattle and neighboring EastsideCommunities (Amazon, Microsoft, Google, Apple, Facebook, etc.)

• High Visibility: over 50,000 daily traffic counts plus daily light rail riders• Highly walkable: within blocks of numerous restaurants, retail,

entertainment, and recreation options.

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COLUMBIA CITY STATION

Link Light Rail

INVESTMENT PLANBDR Sonata I LLC (“Sponsor”) developed the Sonata at Columbia Station project (“The Project”) in 2018 and 2019, achieving 95% occupancy in the Fall of 2019. Sponsor is the sole member of the BDR Sonata East LLC (“Owner”), the owner of The Project. Sponsor plans to issue 500 new Class F series of shares in the amount of $25,000 each ($12.5m total) to retire current investors/classes of shares and revise the ownership of Sponsor to permit a longer term 7-year investment horizon. At the completion of this offering, Class F shareholders, as a group, will own an 80% interest in both Sponsor and The Project. The current Class B shareholder (BDR Sonata I Investments LLC) will own the remaining 20%.

Sponsor will provide the project with a basis of $33,825,000 based on a 4.93%cap rate (which compares favorably to a current market cap rate of 4.25% to4.75%).

The capitalization of Sponsor will be comprised of the current HUD guaranteedloan in the amount of $21,325,000 and $12,500,000 of Class F shares.

Sponsor is seeking investment commitments in April 2020 and investmentfunding in April 2020.

ANTICIPATED INVESTOR (CLASS F) RETURNS

Return

Preferred Return (8% annual Total)

Paid in Cash Quarterly(beginning Q2 2021) 4%

Paid in Cash upon project sale 4%

8%

Profit Share upon project sale – Annual 4.9%

Total Return 12.9%

THE PROJECTSonata at Columbia Station provides investors a rare opportunity toinvest in a newly completed development in the vibrant Columbia Cityneighborhood steps away from the LINK Light Rail station. Completedin 2019, Sonata at Columbia Station offers 2,995 square feet of retailand 91 thoughtfully designed units with a competitive advantage interms of its transit-oriented location, boutique offering and impressiveamenity package. The Property is centrally located with convenientaccess to Seattle, Bellevue and the I-90 Corridor, providing unparalleledaccess to numerous employment centers and lifestyle destinations.Improving neighborhood demographics and accelerating submarket rentgrowth combine to support considerable rental upside.

PROJECT SUMMARY

Address 3000 S Alaska St, Seattle, WA

Year Built 2019

Number of Units 91

Number of Stories 4

Number of Buildings 1 Land Area 26,830 SF

Net Residential SF 50,899 SF Parking 60 garage stalls

Average Home SF 559 SF Parking Ratio

.66 stalls per unit

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Key community amenities include: • Rooftop lounge with firepit and

outdoor TV• Rooftop dog park• BBQ stations• Community room and kitchen

• Indoor theater• Fitness center• Heated bike storage

EXCEPTIONAL PRODUCTSonata at Columbia Station showcases leading-edge design, modernfinishes, comfort, convenience and places to socialize. Sophisticatedfinishes combine with Pacific Northwest elements such as reclaimedbarnwood and polished concrete, along with ample windows toachieve a bright, airy atmosphere.

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Interior unit finished include:• Oversized windows allowing for

ample light• Stainless steel appliances• Tile kitchen backsplash

• Undermount sinks• Solid surface countertops• Modern cabinetry• Vinyl wood-plank flooring

UNIT MIX

Unity Type Unit Count Avg. SF Current

RentCurrent Rent PSF

Studio 25 412 $1,550 $3.76

Urban 1 BR 46 546 $1,874 $3.43

1 BR/1 BA 3 645 $1,872 $2.90

1 BR/1 BA + Den 6 731 $2,186 $2.99

2 BR/1 BA 1 731 $1,990 $2.72

2 BR/2 BA 6 1,039 $2,791 $2.69

Live/Work 4 553 $1,945 $3.52

Retail (NNN) - 2,995 $9,795 $3.09

Total/Average 91 559 $1,870 $3.33

TRANSPORTATION

LINK Light RailWith ridership over 76,000 per day, Seattle’s LINK Light Rail hasexceeded all expectations. Running from SeaTac Airport in the south tothe University of Washington in the north, ridership has doubled sincethe opening of the Capitol Hill and University of Washington stations inMarch 2016. The planned additions to Northgate by 2021 and theBellevue and Redmond by 2023 are projected to add 60,000 daily ridersby 2030.

In 2016, voters passed ST3, a referendum to extend the regional systemto Everett in the north, Tacoma in the south, and the Seattleneighborhoods of Ballard and West Seattle, with completion scheduledby 2035. The referendum also approved a 3.7-mile extension pastMicrosoft’s world headquarters in Redmond that will reach MarymoorPark and downtown Redmond by 2024.

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VIBRANT LOCATION

Retail and ShoppingLocated in the rejuvenated Columbia City neighborhood, Sonataat Columbia Station offers access to one of Seattle’s mostdiverse neighborhoods. A perfect combination of hip and historic,the area has seen a revival in recent years, now booming withretail, restaurants and recreation. The neighborhood is centeredaround the historic infrastructure of a "Main Street," Sonata atColumbia Station is within walking distance of theneighborhood’s multitude of restaurants, pubs, shops andentertainment venues. The Columbia City Ark Lodge Cinemasand Columbia City Gallery highlight the focus on artistic venues..The "Main Street" structure coupled with access to best-in-classtransportation have spurred massive neighborhood growth.

Parks and RecreationAdjacent to a community sports field, Sonata at ColumbiaStation offers direct access to outdoor recreation. Several nearbyparks include the massive five-block Genesee Park, which hostsplayfields, walking trails, picnic areas and an off-leash dog park.Jefferson Park and Cheasty Park, located two blocks west of theProperty, features a public nine-hole golf course with unparalleledviews of Mt. Rainier and the Seattle skyline, as well as a drivingrange and restaurant. Seward Park, less than 6 minutes away,occupies all of the Bailey Peninsula on Lake Washington, withmiles of hiking and biking trails in addition to fishing piers, boatlaunches for kayaks, canoes or small sail boats, and beautifulswimming beaches.

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PROXIMITY TO MAJOR EMPLOYMENT CENTERS AND LIFESTYLE AMENITIES

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Driving Route

Future LINK Light Rail

LINK Light Rail

INVESTMENT OFFERING

THE OPPORTUNITY

The Sponsor developed the Sonata at Columbia Stationapartment project in 2018 and 2019. The project wascompleted in 2019 and achieved 95% rent-up in the Fall of2019. Most tenants are employed by the hi-tech industryand enjoy the ease of light rail service and the amenities ofthe Columbia City neighborhood.

The Sponsor plans to provide the project to the LLC at atotal price of $33,825,000 based on a favorable 4.93%capital rate valuation (in comparison to a markedcapitalization rate of 4.25% to 4.75%). The project isfinanced by a HUD Guaranteed 40-year fixed rate loan(3.98%) in the Amount of $21,325,000.

The plan for the project is for a low risk profile, 7-year holdto take advantage of rental and project value growth relatedto the continued escalating growth in the hi-tech industry inSeattle and neighboring Eastside communities (Amazon,Microsoft, Google, Apple, Facebook, etc.).

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INVESTMENT SUMMARY (PROJECTIONS)Per Unit Total

Equity Class – F Shares $25,000 $12,500,000

Preferred Return:

Cash* 4% 4%

Deferred 4% 4%

Potential IRR 12.9% 12.9

Multiple 2.1% 2.1%

Investment Time 7 years 7 years* Quarterly, starting Q2 2021

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SUMMARY RETURN

WATERFALL ON SALE

Year 7

Cap Rate 4.75%

Value / Sale Price $46,121,521

Selling Costs ($3,689,721)

Net Sales Price $42,431,800

Loan Balance 20,149,308

Net Cash After Loan Repayment $22,282,493

Investor Investment Repayment $12,500,000

Net Cash $9,782,493

Cash Balance $2,840,722

Total Cash to Distribute $12,623,215

Class F - Preferred Return - Accrued $3,500,000

Net Before Profit Share $9,123,215

Class F - Profit Share $7,298,571

Manager/Developer – Profit Share $1,824,643

SUMMARY RETURN – CLASS F SHARES

Year 7 Year 7Total Per Share

Class F - Preferred Return (Paid Quarterly) $3,500,000 $7,000

Class F - Preferred Return (Accrued) $3,500,000 $7,000

Class F - Profit Share $7,298,571 $14,597

Total Return – Class F Shares $14,298,571 $28,597

PROPERTY DETAIL

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Address 3000 S Alaska St., Seattle, WA 98108

Number of Units 91

Year Built 2019

Number of Floors 4

Land Area 26,830 SF

Parking 60 Garage stalls

Parking Ratio 0.66 spaces per unit

Parking Fees$175 – standard$140-$290 depending on size, tandem, and stall w/storage

Zoning NC1P40 / LR3

UNIT MIX

Unity Type Unit Count Avg. SF CurrentRent

Current Rent PSF

Studio 25 412 $1,551 $3.76

Urban 1 BR 46 546 $1,873 $3.43

1 BR/1 BA 3 645 $1,872 $2.90

1 BR/1 BA + Den 6 731 $2,186 $2.99

2 BR/1 BA 1 731 $1,990 $2.72

2 BR/2 BA 6 1,039 $2,791 $2.69

Live/Work 4 553 $1,945 $3.52

Retail (NNN) - 2,995 $9,795 $3.09

Total/Average 91 559 $1,870 $3.33

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CONSTRUCTION DETAIL

Exterior Finish Single ply membrane over sloped rigid insulation

Roof Wood and concrete

Framing Wood and concrete

Ceiling Height 8’ 3”

Windows Vinyl

MECHANICAL DETAIL

Wiring Copper

Plumbing Copper distribution, PEX in units, PVC/cast iron drains

Water Heater Gas-fired, high-efficiency central water heating system

Heating & ACCorridors/common areas have AC, units have electric heat

INTERIOR DETAIL

Fireplaces Gas – main lobby only

Entry Door Wood

Interior Doors Wood, glass, metal

Cabinets Laminate

Counter surfaces Quartz stone

Appliances GE GE

Tub and Shower Surfaces Fiberglass

Flooring LVT and carpet

SUSTAINABILITY CERTIFICATIONS

4-Star Built Green

Energy Star

USBS Bronze Level

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REPRESENTATIVE FLOOR PLANS

Open Concept Studio, One Bedroom, and Two Bedroom Apartment Homes

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FINANCIAL SUMMARY

YEAR 1 (2020)

$ $/UNIT $/UNIT/MO. $/SF/MO.Rental Income $2,160,264 $23,739 $1,978 $3.47

Vacancy / Concessions ($113,673) ($1,249) ($104) ($0.18)

COVID-19 Contingency ($150,000) ($1,648) ($137) ($0.24)Net Rental Income $1,896,591 $20,842 $1,737 $3.05 Other Income $299,693 $3,293 $274 $0.48 Gross Revenue $2,196,284 $24,135 $2,011 $3.53

Expenses ($549,121) (6,034) (503) (0.88)

Net Operating Income $1,647,162 $18,101 $1,508 $2.65

7 YEAR SUMMARYYEAR 1

2020YEAR 2

2021YEAR 3

2022YEAR 4

2023YEAR 5

2024YEAR 6

2025YEAR 7

2026

Rental Income $2,160,264 $2,232,576 $2,307,591 $2,385,126 $2,465,266 $2,548,099 $2,633,715

Vacancy / Concessions ($113,673) ($89,993) ($93,637) ($97,461) ($101,474) ($105,686) ($110,106)

COVID-19 Contingency ($150,000) - - - - - -

Net Rental Income $1,896,591 $2,142,583 $2,213,954 $2,287,664 $2,363,791 $2,442,413 $2,523,609

Total Other Income $299,693 $278,260 $283,825 $289,501 $295,291 $301,197 $306,628

Gross Revenue $2,196,284 $2,420,843 $2,497,778 $2,577,166 $2,659,083 $2,743,610 $2,830,236

Total Controllable Expenses $227,500 $232,050 $236,691 $241,425 $246,253 $251,178 $256,202

Total Noncontrollable Expenses $321,621 $335,431 $344,468 $353,761 $363,319 $373,150 $383,261

Total Operating Expenses $549,121 $567,899 $580,982 $594,379 $608,097 $622,144 $639,463

Net Operating Income $1,647,162 $1,852,944 $1,916,796 $1,982,787 $2,050,986 $2,121,466 $2,190,772

PRO FORMA

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Year 12020

Year 22021

Year 32022

Year 42023

Year 52024

Year 62025

Year 72026

Revenue

Rental Income $2,160,264 $2,235,873 $2,314,129 $2,395,123 $2,478,953 $2,565,716 $2,655,516 Vacancy ($108,013) ($111,794) ($115,706) ($119,756) ($123,948) ($128,286) ($132,776)Concessions ($5,660) ($5,858) ($6,063) ($6,276) ($6,495) ($6,723) ($6,958)COVID-19 Contingency ($150,000) $ - $ - $ - $ - $ - $ -

Other Rent Loss $ - $ - $ - $ - $ - $ - $ -

Net Rental Income $1,896,591 $2,118,221 $2,192,359 $2,269,092 $2,348,510 $2,430,708 $2,515,782 Other Income

Parking, Storage, Bike Storage $114,600 $116,892 $119,230 $121,614 $124,047 $126,528 $128,762

Utility Reimbursement $49,980 $50,980 $51,999 $53,039 $54,100 $55,182 $56,286

Other Income $108,224 $110,388 $112,596 $114,848 $117,145 $119,488 $121,580

Total Other Income $272,804 $278,260 $283,825 $289,501 $295,291 $301,197 $306,628

Gross Revenue $2,346,284 $2,420,843 $2,497,778 $2,577,166 $2,659,083 $2,743,610 $2,830,236

Operating Expenses

Controllable Expenses

Administrative $154,700 $157,794 $160,950 $164,169 $167,452 $170,801 $174,217

Marketing $31,850 $32,487 $33,137 $33,799 $34,475 $35,165 $35,868

Repairs and Maintenance $40,950 $41,769 $42,604 $43,456 $44,326 $45,212 $46,116

Total Controllable Expenses $227,500 $232,050 $236,691 $241,425 $246,253 $251,178 $256,202

Noncontrollable Expenses

Utilities $81,900 $83,538 $85,209 $86,913 $88,651 $90,424 $92,233

Management Fee $87,851 $95,986 $99,203 $102,531 $105,971 $109,530 $113,209

Insurance $20,020 $20,420 $20,829 $21,245 $21,670 $22,104 $22,546

Real Estate Taxes $100,000 $103,000 $106,090 $109,273 $112,551 $115,927 $119,405

Replacement Reserves $31,850 $32,487 $33,137 $33,799 $34,475 $35,165 $35,868

Total Noncontrollable Expenses $321,621 $335,431 $344,468 $353,761 $363,319 $373,150 $383,261

Total Operating Expenses $549,121 $567,481 $581,159 $595,186 $609,572 $624,328 $639,463

Net Operating Income $1,647,162 $1,852,944 $1,916,796 $1,982,787 $2,050,986 $2,121,466 $2,190,772

FINANCIAL NOTES

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INCOME

Rental Income Equal to property set current market rent rates

Yearly Rent Growth Based on 3.36% annual increase in underwritten rents

Vacancy 5%

COVID-19 Contingency Estimated at $150,000

Concessions 0.26% of rental income, consistent with stabilized new construction properties in the area

Parking/Storage/Bike Storage Income Based on 60 rentable stalls, occupied at 95%, and using the blended rate of $175 per month

Utility Reimbursement 55% of utility expense

Retail Income Assumes 2,995 (square footage not consistent with what’s in the pro forma) SF of retail is 100% leased. Assumes Retail 1 is leased at current lease terms of $4,755/month and Retail 2 & 3 is leased at current asking rate of $37 PSF. Retail 2 & 3 is being offered on a gross modified basis

RETAIL 1 RETAIL 2&3

Status LeasedVacant – Targeting Coffee

Shop/Bakery

SF 1,380 SF 1,615 SF

Rent/Month $4,755 TBD

Rent PSF $41 Asking Rate of $37

Lease Type Gross Gross Modified

Lease Start Date Jul-19 TBD

Lease Term 24 Months TBD

FINANCIAL NOTES

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OPERATING EXPENSES

Payroll Based on comparable stabilized properties

Administrative Based on comparable stabilized properties

Marketing and Promotion Based on comparable stabilized properties

Repairs and Maintenance Based on comparable stabilized properties

Contracted Services Based on comparable stabilized properties

UtilitiesBased on comparable stabilized properties. This includes the King County sewer capacity charge

Management Fees4% of Gross Revenues consistent with the rate of a third-party manager would charge for a property of this size and rent level (1% to BDR for oversight)

Insurance Based on comparable stabilized properties

Real Estate TaxesTax expense shown is equal to 2019 tax bill. Real estate taxes in King County are appraised on a four to six-year cycle, with taxes assessed annually and payable in April and October. Current property assessed value was updated in 2019

Replacement Reserves $350 per unit consistent with new product

FINANCINGSonata at Columbia Station currently has an assumable HUD loan. The terms of the loan are outlined below.

Loan Amount $21,325,000

Interest Rate 3.98%

Interest Only Period 36 months

Loan Term 40 years

Loan Closing May 2017

Type Fixed Rate

MARKET ANALYSIS

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PROPERTY NAME & ADDRESS SALE DATE UNITS RETAIL SF AVE UNIT SF YEAR BUILT SALE PRICE PRICE / UNIT PRICE PSF CAP RATE

1 Reverb1023 E. Alder St. Seattle, WA Feb 2019 85 1,500 SF 587 SF 2016 $31,000,000 $364,706 $622 4.23%

2 Decibel301 12th Ave., Seattle, WA Feb 2019 75 2,700 SF 595 SF 2016 $27,000,000 $360,000 $606 4.27%

3 Modera Ballard / Ballard on 20th

2003 NW 57th St., Seattle, WA June 2018 132 N/A 698 SF 2017 $60,250,000 $456,439 $654 4.00%

4 Cove601 E. Pike St., Seattle, WA May 2018 60 3,000 SF 556 SF 2017 $32,160,000 $536,000 $964 4.30%

5 Medora6800 Roosevelt Way NE, Seattle, WA April 2018 79 3,100 SF 890 SF 2017 $34,750,000 $439,873 $494 N/A

6 The Henry22 Etruria St., Seattle, WA Feb 2018 100 N/A 647 SF 2017 $42,100,000 $421,000 $651 4.00%

7 Zig550 Broadway, Seattle, WA Jan 2018 171 5,200 SF 544 SF 2017 $68,500,000 $400,585 $742 4.80%

8 Springline3220 California Ave. SW, Seattle, WA May 2017 136 6,623 SF 763 SF 2016 $57,250,000 $420,956 $514 4.00%

9 Ballard Public Lofts and Market6450 24th Ave. NW, Seattle, WA Dec 2016 99 4,957 SF 859 SF 2016 $47,500,000 $479,798 $571 4.80%

10 Equinox1520 24th Ave. NW, Seattle, WA Oct 2016 204 N/A 810 SF 2009 $90,250,000 $442,402 $546 4.00%

11 Soren5711 24th Ave. NW, Seattle, WA Aug 2016 111 9,571 SF 656 SF 2015 $45,553,000 $410,387 $640 4.30%

12 Cue1525 Harvard Ave. , Seattle, WA Aug 2016 90 8,208 SF 660 SF 2015 $39,750,000 $441,667 $669 4.25%

13 Rivet1201 Mercer St., Seattle, WA July 2016 131 N/A 656 SF 2014 $55,000,000 $419,847 $640 N/A

SALES COMPARABLES

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SALES COMPARABLES MAP

RENT COMPARABLES

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RENT COMPARABLES

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CURRENT STATUS 1. ANGELINE2. DECIBEL ON

12TH3. ANTHEM ON

12TH 4. THE CENTRAL 5. GREENHOUSE 6. CITYLINE

Occupancy 95% 96% 99% 97% 96% 96% 96%

Average Rent $1,870 $2,325 $2,070 $2,021 $2,053 $1,764 $2,248

Average Rent PSF $3.33 $3.02 $3.48 $3.23 $3.12 $2.99 $2.83

PROPERTY INFORMATION

Address 3000 S. Alaska St 4801 Rainier Ave. S. 301 12th Ave. 103 12th Ave. 2203 E. Union St. 3701 S. Hudson St. 4740 32nd Ave. S.

City Seattle Seattle Seattle Seattle Seattle Seattle Seattle

Year Built 2018 2016 2016 2015 2016 2012 2016

Units 91 193 75 120 92 124 339

Average Unit SF 559 770 594 626 658 590 795

Concessions 1 Month Free during Lease-up None $99 Security

Deposit None None None $500 Off Rent for Next 2 Leases

UNIT INTERIOR FINISHES

Appliances Stainless Steel Stainless Steel Stainless Steel / Black Stainless Steel Stainless Steel Stainless Steel /

Black Stainless Steel

Countertops Quartz Quartz Quartz Quartz Stone-style Granite Quartz

Flooring Vinyl Plank / Carpet Vinyl Plank Vinyl Plank Vinyl Plank / Polished Concrete Vinyl Plank Karndean Wood Vinyl Plank

A/C / Ceiling Fan Ceiling Fans None None None None Ceiling Fans A/C Ports

DEPOSIT & FEES COMPARISON

Application Fee $45 $40 $45 - - $45 $50

Admin Fee $250 $300 $300 $220 - - -

Pet Deposit $250 $300 - - - $250 $200

Garage Parking $175 $150 $225 $175 - - $165

Monthly Pet Rent $35 $15 - $25 - $35 $20

AMENITY COMPARISON

Fitness Center

Resident Lounge

Bicycle Storage / Repair

Pet Wash / Park

Washer/Dryer

Rentable Storage

Rooftop Deck

Media Room

RENT COMPARABLES – BY FLOORPLAN

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STUDIO

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF

Angeline Studio $1,883 619 $3.04

Decibel on 12th Studio $1,723 484 $3.56

CityLine Studio $1,678 611 $2.75

The Central Studio $1,600 519 $3.08

Anthem on 12th Studio $1,600 482 $3.32

Sonata at Columbia Station Studio $1,550 412 $3.76

The Station at Othello Studio $1,498 548 $2.73

Total / Average $1,647 525 $3.14

ONE BEDROOM / ONE BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF

The Central 1 BR/1 BA $2,400 743 $3.23

Sonata at Columbia Station 1 BR/1 BA Den $2,186 731 $2.99

Decibel on 12th 1 BR/1 BA $2,175 614 $3.54

Angeline 1 BR/1 BA $2,150 708 $3.04

The Central Open 1 BR/1 BA $2,060 701 $2.94

CityLine 1 BR/1 BA $2,012 678 $2.97

Sonata at Columbia Station Urban 1 BR $1,874 546 $3.43

Sonata at Columbia Station 1 BR/1 BA $1,872 645 $2.90

Anthem on 12th 1 BR/1 BA $1,870 574 $3.26

Anthem on 12th Open 1 BR/1 BA $1,768 605 $2.92

The Station at Othello 1 BR/1 BA $1,763 717 $2.46

GreenHouse 1 BR/1 BA $1,754 582 $3.01

Assembly 118 1 BR/1 BA $1,627 581 $2.80

Total / Average $1,962 648 $3.03

RENT COMPARABLES – BY FLOORPLAN

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TWO BEDROOM / ONE BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF

The Central 2 BR / 1 BA $2,975 831 $3.58

CityLine 2 BR / 1 BA $2,712 1,016 $2.67

Decibel on 12th 2 BR / 1 BA $2,688 856 $3.14

Assembly 118 2 BR / 1 BA $2,400 873 $2.75

Anthem on 12th 2 BR / 1 BA $2,400 767 $3.13

The Station at Othello 2 BR / 1 BA $2,060 841 $2.45

GreenHouse 2 BR / 1 BA $2,059 841 $2.45

Sonata at Columbia Station 2 BR / 1 BA $1,990 731 $2.72

Total / Average $2,411 845 $2.85

TWO BEDROOM / TWO BATHROOM

PROPERTY TYPE RENT PER UNIT AVG. SF RENT PER SF

Angeline 2 BR / 2 BA $3,170 1,062 $2.98

Anthem on 12th 2 BR / 2 BA $2,888 909 $3.18

Decibel on 12th 2 BR / 2 BA $2,800 855 $3.27

The Station at Othello 2 BR / 2 BA $2,800 878 $3.19

Sonata at Columbia Station 2 BR / 2 BA $2,791 1,039 $2.69

Assembly 118 2 BR / 2 BA $2,775 1,030 $2.69

Assembly 118 2 BR / 2 BA $2,775 1,030 $2.69

CityLine 2 BR / 2 BA $2,712 1,016 $2.67

Total / Average $2,839 977 $2.90

SPONSOR

ABOUT BDR HOLDINGS, LLC

The BDR family of companies is renowned for building award-winning new home communities throughout Seattle and theEastside. From high-end luxury homes in West Bellevue, to modern lakeview homes in Kirkland, to attainable newconstruction communities in Southwest Seattle, there is a fresh, new BDR currently offered to fit any budget and lifestyle.

BDR has been recognized with major national and local awards for building excellence, including 3-time Builder of the Year!In addition, BDR has been awarded The prestigious national Golden Nugget award for building excellence, over 100 MAMEawards for marketing and merchandising excellence, numerous Built Green Awards including the coveted “Green HammerAward,” 22 Tribute awards, 425 Magazine’s “Builder of the Year” award 2 years in a row (2018 & 2019), and 4 Houzz “BestDesign” awards. BDR communities are some of the most successful, exceptionally designed and highly recognizedcommunities in the Puget Sound region. BDR offers exceptional housing choices based on utilizing the highest professionaland ethical standards.

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AWARDS

MASTER BUILDERS – 2X BUILDER OF THE YEAR

The principals of BDR have been recognized with the coveted “Builder of the Year” award twice from the Master BuildersAssociation of King and Snohomish Counties.

425 MAGAZINE – 2X BEST BUILDER

The annual 425 Magazine “Be of” awards recognize the Eastsides top companies. BDR Homes was voted “Best Builder” by thereaders of 425 Magazine 2 years in a row, in 2018 and 2019.

TRIBUTE AWARDS – BUILDER OF THE YEAR

The annual New Home Council Tribute Awards recognize excellence in new home design, sales, and marketing. BDR has beenrecognized with 22 Tribute Awards, including the prestigious “Builder of the Year” award.

HOUZZ “BEST DESIGN 4X

The Houzz “Best Design” awards recognize the very best in interior design and exterior architecture. BDR has received theHouzz “Best Design” award 4 times.

MAME – MARKETING & MERCHANDISING EXCELLENCE

The annual MAME awards recognize marketing & merchandising in the new home industry on a regional and national level.The principals of BDR have received over 100 MAME awards throughout their careers.

GOLD NUGGET AWARDS

The annual Gold Nugget Awards recognize builders who improve communities through exceptional concepts in design,planning and development. The principals of BDR have received numerous national Gold Nugget awards for buildingexcellence.

BUILT GREEN AWARDS

The annual Built Green awards honor builders for outstanding housing projects that are sustainably designed and built. Theprincipals of BDR have received numerous Built Green awards, including the coveted “Green Hammer Award.”

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SPONSOR EXPERIENCE

1984

BENNETT HEISERHOMES ESTABLISHEDFocus on semi-custom home development

1990

HERITAGE CORPORATIONESTABLISHEDFocus on Assisted Living Retirement, Commercial and Multi-family Developments

1992

BENNETT HOMES ESTABLISHEDBennett buys-out Heiser to establish Bennett Homes

2010

BDR HOMES ESTABLISHEDFocus on Custom, semi-custom homes, Apartment and Condominium projects

Bennett Homes sold to Public Company

2008 2020

MULTI-FAMILY EXPERIENCE

PROPERTY TYPETOTAL

UNITS

TOTAL # OF

PROJECTS

AVERAGE

PROJECT SIZE

(UNITS)

ESTIMATED

PRICE/UNIT

ESTIMATED MARKET

VALUE

Apartments 1,327 14 95 $270,000 $358,290,000

Condominiums 938 13 72 $430,000 $403,340,000

Assisted Living 166 3 55 $525,000 $87,150,000

Low Income 952 15 63 $210,000 $199,920,000

Total / Average 3,383 45 75 - $1,048,700,000

SPONSOR BIOGRAPHIES

TODD BENNETT

FOUNDER & CHAIRMAN

Todd Bennett is the Founder & Chairman of BDR, a diversified real estate developmentcompany specializing in innovative housing communities throughout the Puget Sound region.During his 30+ year career in real estate development, Mr. Bennett has managed thedevelopment of over 3,300 multi-family units. Mr. Bennett manages the formation ofindependent LLC’s to acquire real estate investment projects. Value is added to each projectthrough a combination of development improvements and management efficiencies.

Throughout his career, Todd Bennett and his team have been recognized with major nationaland local awards for building excellence, including 3-time Builder of the Year. In addition, BDRhas been awarded the prestigious national Golden Nugget award for building excellence, over100 MAME awards for marketing and merchandising excellence, numerous Built Green Awardsincluding the coveted “Green Hammer Award,” 22 Tribute awards, 425 Magazine’s “Builder ofthe Year” award 2 years in a row (2018 & 2019), and 4 Houzz “Best Design” awards. Mr.Bennett has also been inducted into the Builder Industry “Hall of Fame” and has been awarded“The Legacy Award” for his lifetime contributions to the building industry.

BDR communities are some of the most successful, exceptionally designed and highlyrecognized communities in the Puget Sound region. BDR offers exceptional housing choicesbased on utilizing the highest professional and ethical standards.

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SPONSOR BIOGRAPHIES

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KELLY FACCONE

VICE PRESIDENT – FINANCE, CPA

Kelly Faccone has over 15 years of Finance and Accounting experience and is responsible foroverseeing all finance activities for BDR Companies. Ms. Faccone maintains relationships withfinancing partners; which includes securing financing and funding for all BDR projects. Inaddition, she manages the budget, financial modeling, and leads the strategic financial andfeasibility analysis on new and existing projects.

WENDY BRAGALONE

VICE PRESIDENT – OPERATIONS & INVESTOR RELATIONS

Wendy Bragalone is the Vice President of Operations & Investor Relations. In her role, sheoversees BDR projects from land acquisition and feasibility through project completion,ensuring smooth and efficient operation throughout all stages of the project andconstruction. Ms. Bragalone also works closely with BDR’s investors on current investmentofferings during Capital Raise. Ms. Bragalone holds an active Washington Real Estate licensethrough Realogics Sotheby’s International Realty located in Bellevue, WA and manages salesand marketing efforts for assigned major BDR projects on the Eastside.

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ERIC HARDIE

VICE PRESIDENT - CONSTRUCTION

Eric Hardie has over 20 years in the construction industry and is responsible for coordinatingconstruction purchasing activities for all products that comprise the BDR Family ofCompanies. Mr. Hardie has primary responsibility to assure the BDR Companies obtain qualityproducts and services at the best possible value. Mr. Hardie builds and maintains relationshipswith existing trade partners and vets/approves all potential new trade partners. Mr. Hardie isresponsible for negotiating vendor contracts, establish builder programs with manufacturersand suppliers, and identifying process improvements within all areas of purchasing.

SPONSOR BIOGRAPHIES

JIM DWYER

VICE PRESIDENT – ARCHITECTURE

Jim Dwyer is the Vice President of Architecture for BDR companies. He has been with BDR for8 years and working with Todd Bennett since 2000. Mr. Dwyer manages the process ofdesigning homes for speculative construction, custom home construction and homes built inresort communities. Once homes are designed, Mr. Dwyer coordinates the process ofcompleting working drawings for each home and manages the process of submitting homes forbuilding permit. In addition, Mr. Dwyer is responsible for completing new plans for the BDRCompanies extensive plans library, incorporating the latest in design concepts.

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SPONSOR BIOGRAPHIES

AMY DONLAN

DEVELOPMENT MANAGER

Amy Donlan manages and oversees real estate development projects for BDR Holdings, fromland acquisition to bond closure. Ms. Donlan’s experience in land use planning and constructionpermitting allows her to anticipate process needs and proactively guide projects through theextensive permitting processes. This provides value-based decision making at the earliestdesign stages which leads to enhanced homebuyer reception of the finished homes. Ms. Donlanis responsible for the creation and management of consultant teams and directing projectsfrom start to finish including such critical aspects as the initial vision, design development, andobtaining necessary entitlements and building permits.

MICHELLE SHUR

LEADER – DESIGN

Michelle Shur is the Design Leader for the BDR Family of Companies boasting 20 years as adesigner, 15 of which are in the construction industry. Ms. Shur oversees the process of homedesign and product selections for each BDR project. Working with each home client on a one-on-one basis, Ms. Shur specializes in personalizing each home to a client’s uniquespecifications. She is known for creating timeless luxury designs. Ms. Shur loves designchallenges and continually seeks-out cutting-edge designs and trends. Her Design Philosophyis that building a home should be enjoyable and fun while creating a space that a home buyercan enjoy for years.

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SARAH SKRYABNEV

COMMUNITY MANAGER – SEATTLE

Sarah Skryabnev is a Community Manager for BDR’s Seattle division. She collaborates andprovides oversight to the existing Sonata at Columbia Station management team to ensurelease-up success. In addition to her work at Sonata at Columbia Station, she is also responsiblefor various project coordination and management tasks for BDR commercial projects.

As a licensed Real Estate Broker in Washington, Ms. Skryabnev is also responsible for variousReal Estate activities for BDR including: sales and marketing for BDR Urban projects, realestate land acquisition for BDR’s Seattle East of I-5 market expansion, acts as a Site Agent forcompleted BDR Urban projects, and is the Site Manager for BDR’s 96-unit condominiumproject in Seattle.

SPONSOR BIOGRAPHIES

AMANDA MIKOLASY

VICE PRESIDENT – ACCOUNTING

Amanda Mikolasy oversees all functions of the accounting department which includesaccounting processes, finance, initiatives, and department staff. Ms. Mikolasy has over 15 yearsof construction experience with 7 years of home building experience. She has overallresponsibility for the financial statements for BDR companies and generates additionalfinancial reports for management.