Ohio

Real
Estate
Consultants, Inc.
Real Estate Appraisers
and Consultants

Thomas R. Horner, MAI Pres.

Kimberly M. Eilerman, MAI V.P.
Tammy L. Donaldson, G.C.
Joyce L. Knudsen, G.C.
OHIO REAL ESTATE CONSULTANTS, INC.
Timothy S. Geiger, R.L.
Linda Robinette, Office Manager
MARCH 2016 NEWSLETTER
Debbie Ballard, Admin. Assistant
This letter will update you on our current assignments, the trends we see in the
industry, staff accomplishments, community service and other current information.

Current Assignments

Multi-Tenant Office Building, Columbus, Ohio

Proposed Townhouse Development, Pepper Pike, Ohio
Mixed-Use Subdivision, Delaware County, Ohio
Proposed LIHTC Development, Franklin County, Ohio
Restaurant, Columbus, OH
Restaurant, Powell, OH
Office Building, Columbus, OH
Conservation Easement Madison County
Multi-Tenant Office OSU Campus Area
Golf Course Licking County
Conservation Easement Greene County
School Campus Northeast Ohio
Conservation Easement Butler County
Single-Tenant Office Upper Arlington
Conservation Easement Highland County
Multi-Tenant Office - Worthington
Conservation Easement Fayette County
Development Land Union County
Conservation Easement Clark County
Office/Retail Powell, Ohio
Conservation Easement Champaign County
Eminent Domain Allen County

You and/or your clients may benefit from information we have used in our current
assignments, as well as other assignments we have completed.
201 Bradenton Avenue
Dublin, Ohio 43017
Phone: 614/791-0038
Toll Free: 800/536-0038
Fax: 614/791-8956
info@ohiorealestate.org
www.ohiorealestate.org
MULTIFAMILY FAMILY MARKET OVERVIEW

Within the Columbus metropolitan area, approximately 32% of the 627,000

households reside in apartments. This percentage is compared to the national average of
29%. Franklin County reports approximately 39% of households reside in apartments, in
part, due to the many colleges and universities in the area. The area also has a median age
that is below the national average.

Occupancy

Occupancy remained in a range from approximately 91% to 93% from June 2009
through May 2011. Occupancy has increased in all sectors since June 2009. Starting in
December 2011, the central area was reported as a separate submarket. It indicates the
highest occupancy. Overall, the east submarket continues to exhibit the lowest occupancy
rates. However, the east submarket has improved since 2009 to a stabilized level.

The reported occupancy does not include concessions. Free rent, reduced deposits
and other incentives had been prevalent in submarkets with lower occupancy, decreasing
effective rent by 3% to 5%. However, beginning in 2010, concessions diminished in the
more popular submarkets.

Occupancy and vacancy rates, by area, are presented in the following table.

Columbus Area Occupancy Rates

Submarket June-09 December-09 October-10 May-11 December-11 August-12 July-13 July-14 February-15

Northwest 95.4% 93.7% 95.7% 96.3% 97.1% 97.3% 96.9% 96.4% 95.9%
Northeast 92.0% 90.3% 92.0% 93.7% 93.8% 94.7% 95.4% 95.5% 95.0%
East 90.9% 89.6% 88.8% 89.7% 89.1% 90.8% 93.7% 93.6% 94.0%
West 91.0% 90.1% 91.2% 93.4% 91.9% 94.4% 95.1% 95.9% 95.6%
Central N/A N/A N/A N/A 98.6% 98.8% 97.1% 97.9% 97.5%

Overall Occupancy 92.3% 90.9% 91.9% 93.3% 94.1% 95.2% 95.3% 95.3% 95.1%

Vacancy Rate 7.7% 9.1% 8.1% 6.7% 5.9% 4.8% 4.7% 4.7% 4.9%

Source: Apartment Realty Advisors

During 2015, the overall market vacancy rate declined to near 4%, according to
information published by Marcus & Millichap. The declining vacancy is a result of new
job formation and formation of households among millennials. Additions to the market are
likely to put some pressure on vacancy rates.
 Initially, the increase in foreclosures and tightening credit policies of lenders helped
the apartment industry. This accompanied the significantly low number of units delivered
in 2009 to 2011. Both potential first-time homeowners and those who have lost homes have
strengthen apartment occupancy. Initially the unemployment rate negatively affected
occupancy and operations. As residents lost jobs, they were forced to break their leases.
This was most evident in Class B and lower-grade apartment communities.

During the past several years, there is evidence of a transition due to changing
consumer preferences among various demographic groups. Given the demand shifts from
owner-occupancy to rental occupancy in various categories, including young professionals
and empty-nesters, there has been an increased demand for apartment units, particularly in
the high-end properties. This led to a significant number of new units being constructed or
planned in core areas and areas near the Ohio State University.

Based upon information provided by The Site to Do Business, population in the

Columbus MSA was estimated to have increased 1.4% annually from 2000 to 2010. This
would generate demand for an additional 1,000 to 1,500 apartment units per year within
the Columbus MSA. Although building permit activity exceeded this amount, occupancy
rates remained near 93% until 2003, indicating that population projections are not fully
capturing the number of households being created within the Columbus market and
residing in apartments. Much of this was due to the prevalence of low mortgage interest
rates, making home ownership an attractive option. The following chart compares vacancy
rates to multifamily building permits.

Vacancy Rates and Building Permits

Columbus, Ohio MSA

Overall
Vacancy Multi-Family
Year Rate 1 Units2

2000 6.3% 3,801

2001 6.9% 4,322
2002 7.7% 5,293
2003 8.2% 3,418
2004 8.3% 1,609
2005 8.5% 2,110
2006 9.7% 1,437
2007 9.7% 1,514
2008 7.3% 1,370
2009 9.1% 1,292
2010 8.1% 1,370
2011 5.9% 1,347
2012 4.8% 3,580
2013 4.7% 4,452
2014 4.9% 3,204

Sources
1
ARA
2
US Census Bureau- 5 or more units
 Included in this number are condominium units. The actual number of new
apartment units built during the single-family and condominium housing boom was near
zero. However, the Columbus MSA has realized a significant increase in multifamily
development as developers look to capitalize on rising rental rates and occupancy. Since
2002, the Columbus MSA realized the most 5+ unit building permits in 2013. A significant
number of new properties were delivered during 2013, 2014 and 2015.

Sites zoned for apartment development had become scarce. Former condominium
and commercial sites have been converted to apartment development where possible. Sites
rezoned for apartment development also have seen an increase.

The greatest concentration of new construction is planned for the central area,
northwest and northeast submarkets. The northwest and northeast submarkets have the
greatest amount of land available for apartment development, as well as the greatest
population growth.

The following charts identify recent and proposed construction. The charts may not
include all developments.
 Columbus MSA Multifamily Development

Project Developer Area # Units Stautus

Suburban:
Completed Arlington Park Edwards Hilliard 284 Completed 2011
Hilliard Grand Schottenstein Hilliard 314 Completed 2011
Bryant Park Preferred Real Estate NW Columbus 186 Completed 2011
Worthington Green TGM Associates Westerville 48 Completed 2011
Hilliard Meadows Schottenstein Hilliard 208 Completion 2012
Chelsea Square Preferred Real Estate NE Columbus 186 Completed 2012
Ashbrook Run Kenney SE Columbus 292 Completed 2012
The Paddock at Hayden Run Edwards Hilliard 552 Completed 2010/2013
Albany Landing Kenney NE Columbus 272 Completed 2011/2012
Benchmark LMS Properties NW Columbus 108 Completed 2013
Brookfield Village Kenney SW Columbus 156 Completed 2013
Madison Park Preferred Real Estate NW Columbus 114 Completed 2013
Hudson Square Preferred Real Estate New Albany 258 Completed 2013
Liberty Crossing Sold N Columbus 226 Completed 2013
Chelsea Square II Preferred Real Estated NE Columbus 126 Completed 2013
The Grammercy New Albany 322 Completed 2013
Abbie Cove/Canal Winchester Mid-Ohio Southeast 88 Completed 2013
Westbury Park Preferred Real Estate NW Columbus 126 Completed 2013
Madden's Pointe Donald Kenney NW Columbus 72 Completed 2013
Avenue at Polaris Edward & Sons Polaris 309 Completed 2013
Polaris Place Polaris 224 Completed 2013
801 Polaris Kaufman Development Polaris 272 Completed 2013
Grove City Summit Schottenstein Grove City 227 Completed 2013
Albany Glen- Phase I Casto- Morse/Thompson NE Columbus 264 Completed 2013
The District- Phase I Vision Development Tuttle 114 Completed 2013-14
Andover Place Preferred Real Estate Hilliard 264 Completed 2014
Palmer House Preferred Real Estate NE Columbus 264 Completed 2015
Clifton Park Preferred Real Estate NE Columbus 264 Completed 2014
Strathmoor Edwards Tuttle 276 Completed 2014
Preserve Crossing IV Lifestyle NE Columbus 244 Completed 2014
Remington Woods Kenney N Columbus 150 Completed 2014
Chesapeake Vakasy Grandview area 127 Completed 2014
Hayden Crossing/Redwood Redwoood NW Columbus 102 Completed 2014
The Avenue @ Polaris- Phase 1 NP Limited/Trivium Polaris 294 Completed 2014
The District- Phase 2 Vision Development Tuttle 114 Completed 2014
Avery Brooke Colonial American NW Columbus 165 Completed 2014
Residences at Central Park Donald Kenney Gahanna 220 Completed 2014
Hartford Village Commons Kenney Hilliard 72 Completed 2014
North Park Place II Metro Development Polaris 264 Completed 2014
Village at Albany Moor Kenney New Albany 168 2013-14 Construction
Taylor House Preferred Real Estate NW Columbus 325 Completed 2015
Heights at Worthington Place Banyan Living Worthington 193 Completed 2015
Easton Pointe Kenney Easton 208 Completed 2015
Four Pointe Kenney NE 204 Completed 2015
Winchester Crossing Kenney SE 158 Completed 2015
Taylor Pointe Don Kenney, Jr. East 96 Completed 2015
Berkley House Preferred Real Estate NW Columbus 256 Completed 2015
Brooklands-Lifestyle Lifestyle Hilliard 439 Completed 2015
Avery Pointe Crawford Hoying Hilliard 176 Completed 2015
Woods at Perry Lane Kenney Westerville/New Albany 168 Completed 2015
Monroe House Kenney Polaris 84 Completed 2015
Grafton Park Presferred Living Northwest/Sawmill 252 Leasing/completing 2016
Ravines at Rocky Ridge Banyan Living Westerville 136 Completed 2015
The Avenue @ Polaris- Phase 2 Edward Rose Polaris 172 Completed 2015
Grand at Polaris Schottenstein Lewis Center 196 Completed 2015
Albany Glen- Phase 2 Casto- Morse/Thompson NE Columbus 268 Completed 2015

Total Completed 11,667

Under Construction Scioto Ridge Casto Dublin 152 Under Construction/Leasing

The Parc LBC Property Gahanna 180 Under Construction/Leasing
Poindexter Village-subsidized CMHA-senior Near East 104 Under Construction
The Mirada Vision Development US 23 North 264 Under Construction
District at Linwork Vision Development NW Columbus 256 Under construction/leasing
The Ravines at Westar NP Limited/Trivium- total Polaris 504 2015-17 construction/leasing
The Wendell Riggins Road Hilliard 182 Under construction
Poindexter Village-subsidized CMHA- mix affordable/m Near East 87 Under Construction
US 23 North Vision Development Worthington 326 Under construction

Total Under Construction 2,055

Proposed/Planning Tuller Flats Casto Dublin 420 2016 construction

Avery Road & Hayden Run Road DCR Commerial Develop Dublin 300 2016 construction
Main Street Square/Wallick Mixed income Near East 95 Proposed
Hilliard Apartments Kelley Co./Weiler/KRG Hilliard 276 Planning
Pointe Apartments Vision Development Hilliard 218 Planning
The View at Polaris Near Chase Bank Polaris 240
The Pointe at Polaris Near Cabela's Polaris 400
Braun Farms Van Trust Real Estate Westerville 285 Preliminary
Sunbury Pointe/ Champion Approvals received Sunbury 146 Planning
Broadway Sation Pizzuti/ zoning approved Grove City 120 Start spring 2016
Landmark Lofts Hilliard 204 Development approved

Total Proposed/Planning 2,704

Suburban Total 16,426

 Columbus MSA Multifamily Development

Central: Project Developer Area # Units Stautus

Completed Flats on Vine Kauffman Arena District 232 Completed 2011
CCAD Apartments Gay/Grant 68 Completed 2011
Lennox Flats Grandview 102 Completed 2012
Grandview Yard Nationwide Grandview Yard 154 Completed 2012
Flats on Vine II Arena District 120 Completed 2013
570 Lofts/Born Brewery Brewery District 47 Completed 2013
Lane Avenue Mixed-Use Upper Arlington 108 Completed 2013
Aston Place Short North 59 Completed 2013
Wonder Bread Italian Village 66 Completed 2013
Harrison Park Harrison West 108 Completed 2013
600 Goodale Kaufman Arena/Grandview 174 Completed 2013
Tribeca Edwards Grandview 183 Completed 2013
Neighborhood Launch Casto CBD 260 Completed 2013
Liberty Place II Brewery District 226 Completed 2014
The Normandy Edwards Discovery District 260 Completed 2014
HighPoint on Columbus Commons Carter CBD 303 Completed 2014
The Hub Short North 67 Completed 2014
Grandview Yard-Phase II Edwards Grandview Heights 120 Completed 2015
N. High St./2nd Ave. The Wood Co. Short North 24 Completed 2015
Julian Apts./Casto Casto Downtown 90 Leasing/ late 2015
The Prescott (Borror) Borror Italian Village 24 Completed 2015/leasing
Atlas Building Schiff Capital Group N. High St. 98 Completed 2015
Battery B (City Space) City Sapce Italian Village 56 Completed 2015
274 E. First Ave. (City Space) City Sapce Italian Village 93 Completed 2015
Jeffrey Park Lofts Wagenbrenner Italian Village 276 Completed 2015
Trotters Park Snyder Barker Harrison West 144 Leasing
Grant Commons (LIHTC) Wagenbrenner 80 Completed 2015

Total Completed 3,462

Under Construction
Edwards/South Gateway Edwards South Gateway 144 Start spring 2016
Leveque Tower CBD 70 Scheduled Completion 2016
View on High/N.High & 20th Celmark/Solove Campus 50 Completion scheduled 2016
View on Fifth Celmark/Solove Fifth 153 Completion scheduled 2016
Damiler/Kauffman Kaufman River South 156 Planning
Barrett School Merion Village 52 Available summery 2016
Battery B JDS Companies Italian Village 56 Under construction
The Jerome (Borror) Borror Victorian Village 54 Complete summer 2016
40 West Borror Italian Village 16 Leasing
Neighborhood Launch CBD 130 Near completion
Microliving on Fourth Connect Realty CBD 52 Under construction
Annex II/Trautman Building Lifestyle CBD 105 Under construction
85-111 N. High Edwards CBD 241 Under construction
Grandview Yard Brooks Building Nationwide Realty Grandview 166 Under construction
144 W. Lane (student) Edwards Campus 45 Under construction

Total Under Construction 1,490

Proposed/Planning 330 Oak Street Stonehenge CBD 104 Proposed

Ballet Met-student Celmark CBD 70 Proposed
142-176 King Avenue-student Celmark Campus 50 Proposed
Pavey Square Celmark Campus 115 Proposed
Dixie Apartments Vision Development Clintonville 300 Proposed
Former Taco Bell site-student Virginia Homes Campus 95 Proposed
2212 Tuttle Park Place 4 Points Development Campus 54 Proposed
Edwards (High & 16th-17th) Edwards Campus 170 Planning/ fall 2018 opening
The Wilson Scott Schiff Campus 57 Proposed
View on Pavey Square Celmark Campus 79 Proposed
Edwards/ Spring Street Edwards Downtown 200 Planning
Parkside on Pearl Mark Wood Italian Village 33 Planning
N. High St./7th Ave. Bluestone Brothers Short North 84 Planning
Front & Main Borror Downtown 89 Planning
Outpost Borror Downtown 304 Planning
Red Zone site Borror Downtown 76 Planning
965 N. High (White Castle) Borror Short North 98 Approvals received/planning
640 W. Nationwide Borror/Ruscilli Arena District 280 Planning
Main Street Square Wallick/Smith Tandy Nationwide Children's 95 Proposed
330 E. Oak Stonehenge/behind Capi Near east 93 Proposed
Columbus Coated Fabrics Wagonbreener Weinland Park 200-300 Planning-Long Term
Discovery Flats (affordable) Homeport Discovery District 60 Proposed
NRI/West Arena District Nationwide Arena District 600-800 Planning-Long Term
Jeffrey Park Phase 4 Wagonbreener Italian Village 216 Proposed
High & 15th Campus Partners University Proposed Preliminary
7th & High Royer/CA Ventures University Proposed Preliminary
The Deco (Olympic Swim Club site) Kyle Katz Clintonville 114 Proposed
West Rich/Lucas Streets Casto/Weiler Franklinton 176 Proposed
Long & Front- micro units Connect Realty CBD 34 Preliminary
Matan Project Lifestyle CBD 105 Proposed
Livingston Avenue Toula Management German Village unknown Preliminary
Budd Dairy Kenneth Lykens Italian Village 150 Planning

Total Proposed/Planning 4,101

4,401

Central Total 9,053

9,353

Columbus MSA Total 25,479

25,779
 The central area of Columbus is the most desirable due the location of jobs,
development and several central entertainment districts. The preceding charts illustrate the
significant amount of completed, under construction, planned and proposed multifamily
projects within the central market. According to The Site to Do Business, the central 3-
mile radius of Columbus is estimated to have experienced an increase in population of
8,256 people, total, from 2010 to 2015, reflecting the completion of new multifamily units.
This estimate will increase as the new multifamily projects are completed. By 2020, this
3-mile radius is estimated to grow an additional 8,725 people. Without this influx of
residents, the significant number of new units (if all proposed and planned projects are
actually completed) is not justified. The continued success of those properties that have
been completed indicates that there has been a significant inflow of residents.

Other factors affecting the central multifamily area are the number and quality of
new jobs being created. The proposed and recently completed projects are asking rental
rates of up to $2.00+ per square foot for some units. Such pricing removes a significant
number of would-be renters from of the central submarket. Another long-term factor is the
potential return of home ownership. As renters analyze renting versus home ownership, the
rental payments of the central submarket units will allow a renter/buyer to purchase a
quality home/condo in the Columbus MSA.

Rents

Rents during the past year have increased in all market sectors. The rents do not
reflect the effect of any concessions. The greatest rental rates are in the central, northwest
and northeast sectors. The west and east sectors continue to have the lowest rental rates.
The central area demonstrates the recent interest and planning of developers to target this
area. The following chart shows a breakdown by submarket.

Columbus MSA Average Rental Rates

Submarket June-09 December-09 October-10 May-11 December-11 August-12 July-13 July-14 February-15

Northwest $776 $786 $797 $825 $828 $864 $896 $915 $919
Northeast $673 $677 $683 $695 $709 $728 $747 $779 $799
East $600 $600 $605 $614 $625 $644 $655 $662 $677
West $585 $590 $584 $586 $621 $629 $660 $668 $661
Central NA NA NA NA $961 $978 $1,119 $1,195 $1,241

Source: Apartment Realty Advisors

According to information published by Marcus & Millichap, rent growth during

2015 increased 4.2%. With the completion and demand for luxury units within the market,
effective rents are estimated to increase to $860 or 4.9% according to this publication.
Sales

Most sales in 2009 and 2010 were REO or lender-directed sales. A significant
number of lenders finally disposed of REO and distressed Class C assets that were
purchased at premium prices (2005 to 2008) or have been mismanaged during the
economic decline. The lack of stabilized Class A or B sales prior to 2012 is attributed to
the increases in rents and occupancy, as investors were not willing to sell stabilized
properties without a significant premium. Multifamily real estate represents one of the most
stable commercial real estate or alternative investments over the past years, and investors
continue to look to multifamily assets for the future.

Brokers indicate that investors are looking to capitalize on the significant interest
in Class A and B multifamily properties from institutional investors. Institutional investors
have looked to stabilized multifamily properties to park cash and chase yield. The
following chart illustrates the change in safe investments. This is creating a bubble in Class
A assets, as large institutional investors have significant purchasing power due to the low
required rate of return and interest rates available. The number of potential buyers has
increased, which has driven up prices.

MARKET RATES AND BOND YIELDS - %

Dec Jun Dec Jun Dec Jun Dec Jun

2015 2015 2014 2014 2013 2013 2012 2012
Prime Rate (Monthly Average) 3.37 3.25 3.25 3.25 3.25 3.25 3.25 3.25
U.S. 10-Year Bond 2.04 2.36 2.21 3.00 2.90 2.30 1.72 1.62
U.S. 30-Year Bond 2.97 3.11 2.83 4.23 3.89 3.40 2.88 2.70
Corporate Bonds (Aaa) 3.02 3.42 3.79 4.99 4.62 4.27 3.65 3.64
Corporate Bonds (A)* 3.60 3.94 4.05 5.26 4.85 4.56 3.98 4.14
Corporate Bonds (Baa) 5.48 5.12 4.74 5.75 5.38 5.19 4.63 5.02
* Source: Moody's Bond Record

The following chart summarizes the number of sales and average sales prices since
2010. The average sales prices have increased over the years as fewer distressed properties
have been sold. There were a number of sales that were confidential with no price recorded.

Columbus Area Apartment Survey

Historical Sales Activity

Number of Average Sales

Year Sales Price Per Unit

2010 95 $18,473
2011 132 $28,960
2012 193 $33,901
2013 134 $30,320
2014 172 $42,723
2015 148 $39,328

*Based on sales of 4 units or more

**Based on sales of $250,000 or more
Source: Xceligent Commercial Real Estate Information
 Occupancy and rents in Class A and B apartments have improved in the current
economy. The demand for apartment units has resulted in significant new construction in
the central, northwest and northeast markets. The scarcity of land zoned for apartment
development may improve lower-grade apartment communities that are distressed. This
sector offers the potential for rehabilitation and repositioning within the market without the
difficulties of rezoning. Financing availability continued to improve in the last several
years. An increase in stabilized transactions has occurred beginning in 2013.

Buyers are seeking elevated yields particularly in Class C assets. To obtain higher
yields, investors have focused on outlying neighborhoods where average returns can top
more the 200 basis points above the metro average in the mid 7% range. Some investors
have targeted value-add properties near new construction in the northeast portions of the
downtown area. Higher yields have led investors to Midwestern locations such as
Columbus.

An issue that has affected the multifamily sector is the number of vacant single-
family homes and condominiums that either were foreclosures or never sold to owner-
occupants. The effect of this shadow market has influenced apartments as developers
rent the homes and condominiums. Improvement has occurred in this market as home and
condominium sales have increased in the past several years.

Real estate taxes have also had a significant impact on the multifamily sector, as
the effective tax rates have increased significantly over the past five years. The following
chart illustrates the increase in real estate taxes rates districts that have experienced
multifamily development or are targeted for future development have incurred. Investors
have expressed frustration with current real estate tax bills and the assessed value of their
properties. However, the increase in the effective tax rate is a major factor, along with the
assessed value.

Franklin County Effective Commercial Real Estate Tax Rates

No. District 2011 pay 2012 2012 pay 2013 2013 pay 2014 2014 pay 2015 2015 pay 2016 Difference 2011-2015 % Change

010 Columbus $78.524688 $79.712647 $80.032178 $80.762073 $80.798968 $2.274280 2.90%

050 Hilliard $98.189119 $99.299020 $104.117099 $105.467075 $104.942884 $6.753765 6.88%
080 Westerville $89.902910 $97.515838 $97.724616 $98.981974 $98.115113 $8.212203 9.13%
222 Plain Twp.-New Albany $85.935618 $93.132156 $93.808388 $93.645816 $94.488013 $8.552395 9.95%
273 Dublin $90.385640 $98.206515 $100.254655 $100.674190 $100.739272 $10.353632 11.45%

Average Increase: $88.587595 $93.573235 $95.187387 $95.906226 $95.816850 $7.229255 8.16%

The central area will continue to be the most closely watched area for multifamily
development, as there were a number of prominent projects that delivered inventory in over
the past several years. Numerous additional units are planned or under construction. With
a significant number of projects still in the planning stages, the demand of the central area
multifamily could be fulfilled by the time the later projects are completed and attempt to
reach stabilization.
Company News

Timothy S. Geiger successfully completed the 2016-2017 National Uniform Standards of

Professional Appraisal Practice (USPAP) Update Course offered by The Appraisal
Institute on March 10, 2016.

Ohio Real Estate Consultants, Inc. is an OHFA (Ohio Housing Finance Agency) - Certified
Appraisal Provider. We are one of eight firms achieving this status state-wide and one of
three local firms. More information can be found on the OHFA website at
http://ohiohome.org/mflending/default.aspx.

We hope you found this newsletter information useful. We got away from sending our
newsletter last year, but are bringing it back due to the number of requests. In the upcoming
months, we will be covering the Apartment, Office and Industrial sectors, along with other
topics. If you would like additional information, please visit our website at
www.ohiorealestate.org or call us at 800-536-0038.