Citronelle Multifamily Portfolio | Offering Memorandum

THE OFFERINGExecutive Summary

Investment Overview

Gulf Coast Multifamily is pleased to exclusively offer the Citronelle Multifamily Portfolio: two apartment communities totaling 66 units in Citronelle, Alabama, about 0.3 mile apart. The Elms (19550 Gaston St, built 1982) has 42 one-, two- and three-bedroom units, including two-bath townhomes. Laurel Wood Apartment Homes (19565 Hester Dr, built 1978) has 24 two-bedroom, one-bath units. Together they total about 55,222 rentable SF.

As of October 1, 2026, 58 of 66 units are occupied (87.9%). The rent roll averages $808.93 per unit. At the offering price of $3,600,000 ($54,545 per unit), the portfolio trades at a 6.81% cap rate on trailing-12 NOI of $245,215, with a projected $363,860 NOI in Year 3.

$808.93AVG. RENT (RENT ROLL)

6.81%T12 CAP RATE

10.11%YR 3 CAP ON PRICE

87.9%OCCUPIED (58 / 66)

Investment Highlights

Two communities, one operation: 66 units about 0.3 mile apart, run with one team and one management footprint.
Attractive basis: $54,545 per unit and about $65 per SF.
Rents already near target: the rent roll averages $808.93 vs. $840 projected in Year 3, about 4% higher.
The upside is in collections: vacancy, bad debt and concessions took 27.3% of GPR in the T12. The pro forma brings that to 9% by Year 3.
Conservative pro forma: insurance, payroll and repairs are budgeted above T12 levels in every projected year.
Family-size product: eight 1,153 SF three-bedroom, two-bath townhomes.
Industrial job base nearby: AM/NS Calvert, where ArcelorMittal is building a $1.2B mill, is about 14 miles east.

Property Details

Addresses	19550 Gaston St 19565 Hester Dr
City / State	Citronelle, AL 36522
Units	66 (42 + 24)
Unit Mix	10 × 1/1 · 48 × 2/1 · 8 × 3/2 TH
Avg. Unit Size	~837 SF
Rentable SF	55,222 SF
Year Built	1982 (Elms) · 1978 (Laurel Wood)
Occupancy	87.9% (58 / 66)
Price / Unit	$54,545
Price / SF	$65

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 2

THE ELMSExterior Photos

The Elms · 19550 Gaston St · 42 units · built 1982

Exterior

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 3

THE ELMSInterior Photos

The Elms · unit interiors

Kitchen & living

Kitchen

Living room

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 4

THE ELMSInterior Photos

The Elms · unit interiors

Living room

Living & dining

Bedroom

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 5

THE ELMSInterior Photos

The Elms · unit interiors

Bedroom

Bedroom closet

Bath

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 6

THE ELMSFloor Plans

2 Bed / 1 Bath · ~862 SF · 24 units

Living Room	14'7" × 12'0"
Dining Area	9'10" × 8'2"
Kitchen	7'11" × 8'4"
Pantry	4'9" × 3'2"
Primary Bedroom	12'10" × 11'4"
Bedroom	12'10" × 9'11"
Bath	7'11" × 9'5"
Porch	7'6" × 3'2"

3 Bed / 2 Bath Townhome · ~1,153 SF · 8 units · two stories

1st Floor

Living Room	14'1" × 13'10"
Dining Area	10'10" × 8'5"
Kitchen	8'2" × 8'5"
Bedroom	10'2" × 11'0"
Bath	5'3" × 10'11"

2nd Floor

Primary Bedroom	10'10" × 17'0"
Bedroom	10'2" × 13'5"
Bath	8'0" × 4'11"
Bonus Room	8'11" × 4'11"
Closet	7'1" × 4'11"

1 Bed / 1 Bath floor plan (671 SF, 10 units) to follow. Floor plans and room dimensions are approximate.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 7

LAUREL WOODExterior Photos

Laurel Wood Apartment Homes · 19565 Hester Dr · 24 units · built 1978

Hester Dr entrance

Exterior

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 8

LAUREL WOODExterior Photos

Laurel Wood Apartment Homes · 19565 Hester Dr · 24 units · built 1978

Street view

Parking & buildings

Grounds

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 9

LAUREL WOODFloor Plan & Interiors

Typical 2 Bed / 1 Bath · ~775 SF · all 24 units

Living Room	19'0" × 15'2"
Kitchen	12'9" × 8'2"
Primary Bedroom	12'3" × 9'4"
Bedroom	10'10" × 10'0"
Bath	7'6" × 8'0"
Hall	10'11" × 5'4"

Floor plan and room dimensions are approximate.

Living room

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 10

LAUREL WOODInterior Photos

Laurel Wood · unit interiors

$Kitchen$ Kitchen

Bedroom

Bath

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 11

THE PROPERTYUnit Mix

Unit Mix

Property	Unit Type	Units	Unit SF	Total SF	Market Rent	Market $/SF	Avg. In-Place
The Elms	1 Bed / 1 Bath	10	671	6,710	$710	$1.06	$706
The Elms	2 Bed / 1 Bath	24	862	20,688	$820	$0.95	$767
The Elms	3 Bed / 2 Bath TH	8	1,153	9,224	$1,045	$0.91	$981
Laurel Wood	2 Bed / 1 Bath	24	775	18,600	$790	$1.02	$784
Portfolio	All units	66	~837	55,222	$820	$0.98	$791

Market and in-place rents are from the October 1, 2026 rent rolls. In-place averages cover occupied units and include housing-assistance portions.

Typical Finishes

The Elms · kitchen

Laurel Wood · kitchen

Interior photos show representative units at each property, taken October 2026. Unit square footages are approximate.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 12

THE MARKETCitronelle, Alabama

Small-Town Living in North Mobile County

Citronelle is a city of about 3,950 residents (2020 Census) in northern Mobile County, about 34 miles north of Mobile on U.S. Route 45. Known as the "oil capital of Alabama," it sits on the Citronelle oil field, discovered in 1955, which has produced more than 169 million barrels. Students attend Mobile County Public Schools: McDavid-Jones Elementary, Lott Middle and Citronelle High. The city is also part of the Mobile metro area of more than 430,000 residents, and it is within commuting distance of north Mobile County's heavy-industry corridor along the Mobile River.

~0.3 miBETWEEN THE TWO PROPERTIES

$1.2BNEW ARCELORMITTAL MILL · CALVERT

~14 miTO AM/NS CALVERT

430K+MOBILE MSA POPULATION

Investment in North Mobile County & the Mobile Area

Project	Investment	Status / Impact
ArcelorMittal non-grain-oriented electrical steel (NOES) mill at AM/NS Calvert	$1.2B	Announced Feb. 2025; construction began 2H 2025 with production targeted for 2027; ~1,300 construction jobs and 200+ permanent jobs
AM/NS Calvert steel mill: ArcelorMittal took full ownership in June 2025	—	One of the largest employers in north Mobile County, ~14 mi east of the properties
Tenaska Longleaf CCS Hub, carbon capture and storage, north Mobile County	~$619M	~770 construction jobs per a University of South Alabama study; permitting and development underway
Mobile area economic development, 2024	$422M	1,391 new jobs across 12 projects (Mobile Chamber, Jan. 2025)

Why It Matters

Workforce housing for industrial jobs: the Calvert and Mount Vernon industrial corridor is a short commute east.
Small-town stability: an established community with its own schools, about 30–40 minutes from Mobile.
Operating efficiency: two properties a few blocks apart share staff, vendors and turn crews.

Access

Between properties	~0.3 mi
Chunchula	~12 mi
AM/NS Calvert	~14 mi
Plant Barry (Bucks)	~15 mi
Saraland	~22 mi
Downtown Mobile	~34 mi via US-45

Sources: U.S. Census Bureau (2020); Wikipedia, "Citronelle, Alabama"; Business Alabama and Industrial Info Resources (Feb. 2025); ArcelorMittal (June 2025); Lagniappe Mobile; EnergyTech (Mar. 2024); Mobile Area Chamber of Commerce (Jan. 2025). Distances are straight-line approximations except Downtown Mobile.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 13

THE ECONOMIC ANCHORArcelorMittal Calvert

North Mobile County's Industrial Anchor

ArcelorMittal Calvert, formerly AM/NS Calvert, is one of the largest steel finishing complexes in North America. It sits on the Mobile/Washington County line about 14 miles east of The Elms and Laurel Wood. ThyssenKrupp built the plant for about $5 billion and opened it in 2010. ArcelorMittal and Nippon Steel bought it in 2014, and ArcelorMittal took full ownership in June 2025. It has since added an electric arc furnace melt shop and begun a $1.2 billion electrical steel mill.

~1,600EMPLOYEES

$1.2BNEW NOES ELECTRICAL STEEL MILL

5.3MTONS / YR FINISHING CAPACITY

~14 miFROM THE PROPERTIES

Investment Timeline

Year	Milestone	Detail
2010	Plant opens	ThyssenKrupp Steel USA opens the ~1,500-acre, ~2.8M SF finishing complex; total investment of about $5B
2014	New ownership	Sold to an ArcelorMittal / Nippon Steel joint venture for $1.55B and renamed AM/NS Calvert
2025	EAF melt shop commissioned	Electric arc furnace adds 1.5M tons/yr of U.S.-made steel slab; expected at full capacity in mid-2026
Feb. 2025	$1.2B NOES mill announced	Non-grain-oriented electrical steel for EV motors, generators and power markets; up to 150,000 tons/yr
June 2025	ArcelorMittal takes 100%	Acquires Nippon Steel's 50% stake; site renamed ArcelorMittal Calvert; $2B+ invested since 2014
2026–27	NOES under construction	Line integration underway as of July 2026; first production expected 2H 2027; up to 1,300 construction jobs and 200+ permanent jobs

The Plant

Location	Calvert, AL
Site	~1,500 acres
Employees	~1,600
Facilities	Hot strip mill, cold rolling mill, galvanizing lines, EAF melt shop, river terminal, rail yard
Products	Hot-rolled, cold-rolled & coated sheet
Markets	Automotive, appliance/HVAC, construction, pipe & tube

Why It Matters for the Portfolio

Large, stable employer: about 1,600 jobs a short commute from Citronelle.
New jobs coming: the NOES mill adds 200+ permanent positions, and up to 1,300 construction workers are on site during the build.
Long-term commitment: more than $2B invested since 2014, plus a $1.2B mill now under construction, signals the site is here for decades.
Workforce housing demand: plant, contractor and supplier jobs all draw on nearby rental housing.

Sources: Encyclopedia of Alabama, "AM/NS Calvert"; ArcelorMittal Calvert careers site; ArcelorMittal (June 2025) via GMK Center; Recycling Today; Business Alabama (Feb. 2025); SteelOrbis (July 14, 2026); FOX10 (July 12, 2026). Distance is a straight-line approximation.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 14

FINANCIAL ANALYSISOperating Statement

Trailing-12 Actuals vs. Pro Forma

	T12 Actual	Yr 1 Pro Forma	Yr 2 Pro Forma	Yr 3 Pro Forma
Avg. rent / unit / mo	$808.93†	$815	$825	$840
Gross potential rent	$610,922	$645,480	$653,400	$665,280
Vacancy, bad debt & concessions	($166,522)	($80,685)	($65,340)	($59,875)
% of gross potential rent	27.3%	12.5%	10.0%	9.0%
Other income	$38,988	$39,593	$39,593	$39,593
Effective Gross Income	$483,388	$604,388	$627,653	$644,998
Operating Expenses
Taxes	$38,001	$38,001	$38,001	$38,001
Insurance	$34,473	$52,500	$52,500	$52,500
Repairs, maintenance & services	$20,852	$39,117	$39,117	$39,117
Utilities	$66,302	$47,520	$47,520	$47,520
Payroll	$20,859	$45,739	$45,739	$45,739
Administrative & marketing	$8,972	$9,296	$9,296	$9,296
Management	$48,714	$48,965	$48,500	$48,965
Total Operating Expenses	$238,173	$281,138	$280,673	$281,138
Expense ratio	49.3%	46.5%	44.7%	43.6%
NET OPERATING INCOME	$245,215	$323,250	$346,980	$363,860
NOI / unit	$3,715	$4,898	$5,257	$5,513
Cap rate at offering price	6.81%	8.98%	9.64%	10.11%

† Average rent on the October 1, 2026 rent rolls. T12 gross potential rent averaged about $771 per unit per month.

Trailing-12 by Property

Sep 2025 – Aug 2026	The Elms	Laurel Wood	Combined
Gross potential rent	$388,304	$222,618	$610,922
Vacancy, bad debt & concessions	($118,839)	($47,682)	($166,522)
Other income	$27,438	$11,550	$38,988
Effective Gross Income	$296,904	$186,485	$483,389
Total operating expenses	$167,553	$70,620	$238,173
Net operating income	$129,350	$115,865	$245,216
NOI / unit	$3,080	$4,828	$3,715

Underwriting Notes

T12 figures are the owner's combined accrual operating statements for Sep 2025 – Aug 2026.
Pro forma rents are $815, $825 and $840 per unit in Years 1–3, with vacancy, bad debt and concessions at 12.5%, 10% and 9% of GPR.
Insurance is re-underwritten to $52,500. Payroll ($45,739) and repairs and services ($39,117) are budgeted above the T12, which shows reduced payroll and maintenance.
Utilities are budgeted at $720 per unit. Taxes are held at T12 and should be confirmed against post-sale reassessment.
Pro forma figures are broker estimates for illustration only and are not guarantees.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 15

AS OF OCTOBER 1, 2026Rent Roll

The Elms · 19550 Gaston St · 42 units

Unit	Type	SF	Lease Start	Lease End	Market	Rent	Total Charges	Deposit	Status
1	1 Bed / 1 Bath	671	2/3/2026	1/31/2027	$710	$670	$690.00	$300	Occupied
2	1 Bed / 1 Bath	671	3/1/2022	At-will	$710	$500	$520.00	$200	Month-to-month
3	1 Bed / 1 Bath	671	11/22/2022	At-will	$710	$680	$700.00	$0	Month-to-month
4	1 Bed / 1 Bath	671	—	—	$710	—	—	—	Vacant
5	1 Bed / 1 Bath	671	9/23/2026	9/30/2027	$710	$690	$710.00	$300	Occupied
6	1 Bed / 1 Bath	671	6/1/2025	At-will	$710	$680	$700.00	$500	Month-to-month
7	1 Bed / 1 Bath	671	9/25/2025	At-will	$710	$1,206*	$1,226.00	$300	Month-to-month
8	1 Bed / 1 Bath	671	7/1/2025	At-will	$710	$690	$710.00	$300	Month-to-month
9	2 Bed / 1 Bath	862	1/28/2026	1/31/2027	$820	$780	$810.00	$300	Occupied
10	2 Bed / 1 Bath	862	2/3/2026	1/31/2027	$820	$780	$810.00	$300	Occupied
11	2 Bed / 1 Bath	862	8/6/2025	At-will	$820	$780	$810.00	$300	Month-to-month
12	2 Bed / 1 Bath	862	4/18/2025	At-will	$820	$780*	$810.00	$300	Month-to-month
13	2 Bed / 1 Bath	862	3/1/2022	At-will	$820	$550	$550.00	$550	Month-to-month
14	2 Bed / 1 Bath	862	2/27/2025	At-will	$820	$780	$810.00	$300	Month-to-month
15	2 Bed / 1 Bath	862	9/9/2022	At-will	$820	$750	$935.00	$400	Month-to-month
16	2 Bed / 1 Bath	862	7/3/2024	At-will	$820	$810*	$810.00	$300	Month-to-month
17	2 Bed / 1 Bath	862	—	—	$820	—	—	—	Vacant
18	2 Bed / 1 Bath	862	8/31/2023	At-will	$820	$927*	$927.00	$400	Month-to-month
19	2 Bed / 1 Bath	862	9/11/2025	At-will	$820	$790	$820.00	$300	Month-to-month
20	2 Bed / 1 Bath	862	8/20/2024	At-will	$820	$780	$810.00	$300	Month-to-month
21	2 Bed / 1 Bath	862	12/9/2023	At-will	$820	$810*	$810.00	$400	Month-to-month
22	2 Bed / 1 Bath	862	—	—	$820	—	—	—	Vacant
23	2 Bed / 1 Bath	862	8/1/2021	At-will	$820	$700	$480.00	$200	Month-to-month
24	2 Bed / 1 Bath	862	—	—	$820	—	—	—	Vacant
25	2 Bed / 1 Bath	862	9/9/2026	8/31/2027	$820	$790	$425.00	$0	Occupied
26	2 Bed / 1 Bath	862	7/2/2026	6/30/2027	$820	$790	$820.00	$300	Occupied
27	2 Bed / 1 Bath	862	11/13/2025	10/31/2026	$820	$780	$810.00	$300	Occupied
28	2 Bed / 1 Bath	862	4/5/2024	At-will	$820	$780	$810.00	$400	Month-to-month
29	2 Bed / 1 Bath	862	12/23/2025	12/22/2026	$820	$780	$810.00	$300	Occupied
30	2 Bed / 1 Bath	862	9/9/2026	8/31/2027	$820	$790	$820.00	$300	Occupied
31	2 Bed / 1 Bath	862	8/21/2026	3/31/2027	$820	$790	$820.00	$300	Occupied
32	2 Bed / 1 Bath	862	3/1/2022	At-will	$820	$600	$635.00	$1,000	Month-to-month
33	1 Bed / 1 Bath	671	3/1/2022	At-will	$710	$535	$555.00	$480	Month-to-month
34	1 Bed / 1 Bath	671	—	—	$710	—	—	—	Vacant
35	3 Bed / 2 Bath TH	1,153	5/1/2025	At-will	$1,045	$995	$1,045.00	$300	Month-to-month
36	3 Bed / 2 Bath TH	1,153	—	—	$1,045	—	—	—	Vacant
37	3 Bed / 2 Bath TH	1,153	9/4/2024	At-will	$1,045	$975	$1,025.00	$300	Month-to-month
38	3 Bed / 2 Bath TH	1,153	5/22/2026	5/31/2027	$1,045	$975	$1,025.00	$300	Occupied
39	3 Bed / 2 Bath TH	1,153	2/17/2026	2/28/2027	$1,045	$975	$1,025.00	$300	Occupied
40	3 Bed / 2 Bath TH	1,153	10/22/2024	At-will	$1,045	$975	$1,025.00	$300	Month-to-month
41	3 Bed / 2 Bath TH	1,153	1/17/2026	1/31/2027	$1,045	$975	$1,025.00	$300	Occupied
42	3 Bed / 2 Bath TH	1,153	10/15/2025	At-will	$1,045	$1,000	$1,050.00	$300	Month-to-month
Total	42 units · 36,622 SF				$35,140	$28,638	$29,173.00	$11,730	85.7% occ.

Resident names withheld. * Rent includes a housing-assistance (HAP) portion. "At-will" means the lease term has ended and the resident continues month-to-month. Total charges include base rent plus water reimbursement, concessions and other recurring charges.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 16

AS OF OCTOBER 2, 2026Rent Roll

Laurel Wood Apartment Homes · 19565 Hester Dr · 24 units

Unit	Type	SF	Lease Start	Lease End	Market	Rent	Total Charges	Deposit	Status
1	2 Bed / 1 Bath	775	—	—	$790	—	—	—	Vacant
2	2 Bed / 1 Bath	775	4/3/2024	At-will	$790	$790	$790.00	$315	Month-to-month
3	2 Bed / 1 Bath	775	7/15/2026	6/30/2027	$790	$790	$790.00	$300	Occupied
4	2 Bed / 1 Bath	775	11/7/2025	10/31/2026	$790	$790	$790.00	$300	Occupied
5	2 Bed / 1 Bath	775	4/1/2025	At-will	$790	$790	$790.00	$500	Month-to-month
6	2 Bed / 1 Bath	775	1/30/2025	At-will	$790	$790	$790.00	$300	Month-to-month
7	2 Bed / 1 Bath	775	4/9/2026	3/31/2027	$790	$790	$790.00	$300	Occupied
8	2 Bed / 1 Bath	775	4/11/2025	At-will	$790	$790	$790.00	$780	Month-to-month
9	2 Bed / 1 Bath	775	7/1/2024	At-will	$790	$750	$750.00	$500	Month-to-month
10	2 Bed / 1 Bath	775	7/17/2026	6/30/2027	$790	$790	$790.00	$300	Occupied
11	2 Bed / 1 Bath	775	—	—	$790	—	—	—	Vacant
12	2 Bed / 1 Bath	775	9/2/2026	9/1/2027	$790	$790	$790.00	$300	Occupied
13	2 Bed / 1 Bath	775	8/20/2024	At-will	$790	$790	$790.00	$300	Month-to-month
14	2 Bed / 1 Bath	775	1/26/2026	1/25/2027	$790	$790	$790.00	$300	Occupied
15	2 Bed / 1 Bath	775	7/14/2026	6/30/2027	$790	$790	$790.00	$300	Occupied
16	2 Bed / 1 Bath	775	4/10/2026	11/23/2026	$790	$790	$790.00	$300	Occupied
17	2 Bed / 1 Bath	775	7/3/2025	At-will	$790	$790	$790.00	$300	Month-to-month
18	2 Bed / 1 Bath	775	7/8/2025	At-will	$790	$790	$790.00	$300	Month-to-month
19	2 Bed / 1 Bath	775	7/3/2025	At-will	$790	$790	$790.00	$300	Month-to-month
20	2 Bed / 1 Bath	775	11/1/2023	At-will	$790	$700	$700.00	$0	Month-to-month
21	2 Bed / 1 Bath	775	6/13/2024	At-will	$790	$790	$790.00	$300	Month-to-month
22	2 Bed / 1 Bath	775	7/16/2026	6/30/2027	$790	$790	$790.00	$300	Occupied
23	2 Bed / 1 Bath	775	7/5/2026	7/30/2027	$790	$790	$790.00	$300	Occupied
24	2 Bed / 1 Bath	775	3/9/2026	2/28/2027	$790	$790	$790.00	$300	Occupied
Total	24 units · 18,600 SF				$18,960	$17,250	$17,250.00	$7,195	91.7% occ.

Rent Roll Summary

	Units	Occupied	Vacant	Occupancy	Market Rent / Mo	In-Place Rent / Mo	Avg. In-Place
The Elms	42	36	6	85.7%	$35,140	$28,638	$796
Laurel Wood	24	22	2	91.7%	$18,960	$17,250	$784
Portfolio	66	58	8	87.9%	$54,100	$45,888	$791

Resident names withheld. Full rent rolls, T12s and the delinquency report are available to qualified buyers with an executed Confidentiality Agreement.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 17

EXCLUSIVELY OFFERED BYContact

BROKER

Steven Rowe

Founder & Broker, Gulf Coast Multifamily

Steven Rowe is the founder and broker of Gulf Coast Multifamily, an exclusive multifamily brokerage focused on 10+ unit properties across a 25-county footprint in Alabama, Mississippi and Florida. For 20 years, Steven has worked in construction, real estate, property management and development, and he brings that experience to every property he evaluates.

CELL: (251) 706-9022
EMAIL: steven@gulfcoastmf.com
WEB: gulfcoastmf.com
OFFICE: 2037 Dr. Martin Luther King Jr. Ave, Mobile, AL
LICENSED: Alabama · Mississippi · Florida

PROPERTY TOURSTours are scheduled only after a buyer is qualified with the listing broker. Qualification requires a signed Confidentiality Agreement plus proof of funds, a letter of credit, or a current Schedule of Real Estate Owned (SREO). Please do not contact on-site staff or residents.

Confidentiality & Disclaimer

This Offering Memorandum has been prepared by Gulf Coast Multifamily for use by a limited number of prospective purchasers and is not to be used for any other purpose. The information contained herein was obtained from the owner, its property manager and other sources deemed reliable; however, no representation or warranty, express or implied, is made as to its accuracy or completeness. Pro forma projections, including rents, occupancy, expenses and cap rates, are estimates for illustration only and are not guarantees of future performance. Prospective purchasers should conduct their own independent investigation and rely solely on their own due diligence, tax and legal advisors. The owner reserves the right to reject any offer and to terminate discussions at any time without notice.

Gulf Coast Multifamily | Steven Rowe, Broker | (251) 706-9022 | steven@gulfcoastmf.com | gulfcoastmf.comCITRONELLE PORTFOLIO · 18