A A .M. LAND FOR SALE Justin, Texas Denton County

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211 Acres Along F.M. 1384LAND FOR SALEJustin, Texas Denton CountyCOLLINS MEIERCMeier@DB2RE.com214.526.3626 x 114EDWARD BOGELEBogel@DB2RE.com214.526.3626 x 102DAVID DAVIDSON, JR.DDavidson@DB2RE.com214.526.3626 x 101Any projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information contained in this flyer. You and your advisors should perform a detailed, independent, investigation of the property todetermine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty with respect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020

211 Acres Along F.M. 1384Justin, Texas Denton CountyProperty OverviewSize:Zoning:Utilities:Demographics: 211.93 acresUnincorporated Denton CountyCity of Justin Water & Sewer CCN2020 Population 1 Mile:2020 Population 2 Mile:2020 Population 3 Mile:% Proj Growth 2020-2025 1 Mile:% Proj Growth 2020-2025 2 Mile:% Proj Growth 2020-2025 3 Mile:2020 Median HH Income 1 Mile:2020 Median HH Income 2 Mile:2020 Median HH Income 3 Mile:2020 Average HH Income 1 Mile:2020 Average HH Income 2 Mile:2020 Average HH Income 3 Mile:Median Home Value 1 Mile:Median Home Value 2 Mile:Median Home Value 3 Mile:2467013,2072.6%2.6%2.3% 91,760 91,760 90,231 105,533 105,533 104,880 316,046 316,046 305,228Any projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020LAND FOR SALE

211 Acres Along F.M. 1384Justin, Texas Denton CountyLAND FOR SALEFLOOD & TOPO EXHIBITAny projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020

City of Ft. Worth-114 Corridor& JustinMost Active Subdivisions/MPC12345SubdivisionAvilla ReserveTrails of Elizabeth CreekTimberbrookSeventeen LakesFalcon RidgeStarts22713411811555123456Avilla ReserveNexmetroTrails of Elizabeth Creek DR HortonTimberbrookBloomfieldSeventeen LakesDreesHardeman EstatesImpressionSeventeen LakesK HovnanianMost Active Builder ProgramsSubdivisionBuilderStartsLots Delivered 2Q20SubdivisionSizeAvilla ReserveTrails of Elizabeth Creek40'x80'50'x110'22713457454545Justin CrossingElizabeth CreekMarket Area Annual Statistics (3Q19-2Q20)Annual Starts756Annual Closings586Total Lots Vacant Developed Lots756227Lots Under Development 1,693145Ann Lots Delivered679MOS--12.0---U/C HomesF/V HomesModelsTotal New Home InvMedian New Home Price (Starts)350 350,000300250 250,00073337730515910316200 200,000150 150,000100 100,000 50,00050 182Q183Q184Q181Q192Q193Q194Q191Q202Q20Total nTrails of Elizabeth CreekElizabeth CreekWildflower RanchJustin CrossingLiberty TrailsReserve at Meadowlands 290,995 302,153 228,427,668Quarterly Starts and Closings 400,000 300,000Lots Under DevelopmentMOS7.9 Median Price0.5 Average Price0.3 Est Volume (Starts)8.83872615428Qtrly StartsQtrly ClosingsStarts and Closings by Price RangeHistorical Starts and Closings80030070025060020050015040030010020050100- l Starts 251-300K 301-350KAnnual StartsAnnual ClosingsVacant Developed Lot Supply 351-400K 401-500KAnnual ClosingsNew Home 06.020010.01004.01005.0502.000.000.0Vacant LotsMonth's Supply 2020 Residential Strategies, MOS (New Hm Inv)Equilibrium

211 Acres Along F.M. 1384LAND FOR SALEJustin, Texas Denton CountyFASTEST GROWING DFW SCHOOL DISTRICTS: 2016/17 - 2019/20Total percentagegrowth from2016/17 to 2019/20school yearSource: Texas EducationAgency PEIMS12.86.7Any projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020

211 Acres Along F.M. 1384LAND FOR SALEJustin, Texas Denton CountyDFW: LOTS UNDER DEVELOPMENTDFW: Total Lots Under Development48,976Total Lots Under Development50,00040,00030,00020,00010,000Points range in sizerelative to number oflots under developmentas of 2Q200Lots U/DPrevious Cycle High(see legend below for referenceto number of lots)Any projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020

211 Acres Along F.M. 1384LAND FOR SALEJustin, Texas Denton CountyDFW: BIGGEST ANNUAL CHANGE IN START ACTIVITY 2Q20: Submarkets with Most Significant Change in Start Pace*Northern Denton Co:Starts 84% ( 422)Celina ISD:Starts 51% ( 183)W. McKinney:Starts -24% (-218)FW-114/Justin:Starts 57% ( 274)Carrollton/E. Lewisville:Starts -21% (-216)Josephine/Caddo Mills:Starts 172% ( 368) DeSoto/Glenn Heights:Starts 54% ( 190)Burleson/Joshua ISDs:Starts 60% ( 252)Nearly allsubmarketsgenerating 500 starts annually sawYoY growth, only 4saw declines(Prosper ISD N. of380 with a -2% rate,Addison/Coppell/N.Dallas with a -8%rate as well as the 2markets mapped toleft)Outer ring,affordable marketsare the commonthread in areasposting largestpercentage gainsMany of thesemarkets are drivenby special districts(MUDs, MMDs, etc.)RSI notes asignificant rise innew districtcreations to helpfurther this growthpattern*Among submarkets with 500 or more annual startsAny projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020

211 Acres Along F.M. 1384Justin, Texas Denton CountyAny projections used are speculative in nature and do not represent the current or future performance of the site and therefore should not be relied upon. We make no guarantee or warranty regarding the information containedin this flyer. You and your advisors should perform a detailed, independent, investigation of the property to determine whether it meets your satisfaction and the Seller expressly disclaims any representation or warranty withrespect to the accuracy of the Submission Items, and Buyer acknowledges that it is relying on its own investigations to determine the accuracy of the Submission Items. Davidson & Bogel Real Estate, LLC. 2020LAND FOR SALE

Approved by the Texas Real Estate Commission for Voluntary Use.Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.Information About Brokerage Services:Before working with a real estate broker, you shouldknow that the duties of a broker depend on whomthe broker represents. If you are a prospective selleror landlord (owner) or a prospective buyer or tenant(buyer), you should know that the broker who liststhe property for sale or lease is the owner’s agent.A broker who acts as a subagent represents theowner in cooperation with the listing broker. A brokerwho acts as a buyer’s agent represents the buyer.A broker may act as an intermediary between theparties if the parties consent in writing. A brokercan assist you in locating a property, preparing acontract or lease, or obtaining financing withoutrepresenting you. A broker is obligated by law totreat you honestly.If The Broker Represents The Owner:The broker becomes the owner’s agent by enteringinto an agreement with the owner, usually through awritten - listing agreement, or by agreeing to act asa subagent by accepting an offer of subagency fromthe listing broker. A subagent may work in a differentreal estate office. A listing broker or subagent canassist the buyer but does not represent the buyerand must place the interests of the owner first. Thebuyer should not tell the owner’s agent anything thebuyer would not want the owner to know becausean owner’s agent must disclose to the owner anymaterial information known to the agent.If The Broker Represents The Buyer:The broker becomes the buyer’s agent by enteringinto an agreement to represent the buyer, usuallythrough a written buyer representation agreement.A buyer’s agent can assist the owner but does notrepresent the owner and must place the interests ofthe buyer first. The owner should not tell a buyer’sagent anything the owner would not want the buyerto know because a buyer’s agent must disclose tothe buyer any material information known to theagent.If The Broker Acts As An Intermediary:A broker may act as an intermediary between theparties if the broker complies with The Texas RealEstate License Act. The broker must obtain thewritten consent of each party to the transaction to actas an intermediary. The written consent must statewho will pay the broker and, in conspicuous bold orunderlined print, set forth the broker’s obligations asan intermediary. The broker is required to treat eachparty honestly and fairly and to comply with TheTexas Real Estate License Act. A broker who acts asan intermediary in a transaction:(1)shall treat all parties honestly;(2) may not disclose that the owner will accept a priceless than the asking price unless authorized in writingto do so by the owner; buyer: and(3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer;and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a court orderor if the information materially relates to the conditionof the property. With the parties’ consent, a brokeracting as an intermediary between the parties mayappoint a person who is licensed under The Texas RealEstate License Act and associated with the broker tocommunicate with and carry out instructions of oneparty and another person who is licensed under thatAct and associated with the broker to communicatewith and carry out instructions of the other party.If You Choose To Have A Broker Represent You:You should enter into a written agreement with thebroker that clearly establishes the broker’s obligationsand your obligations. The agreement should state howand by whom the broker will be paid. You have theright to choose the type of representation, if any, youwish to receive. Your payment of a fee to a broker doesnot necessarily establish that the broker representsyou. If you have any questions regarding the dutiesand responsibilities of the broker, you should resolvethose questions before proceeding.Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.Buyer, Seller, Landlord or TenantTexas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question orcomplaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.01A TREC No. OP-KDate

11-2-2015Information About Brokerage ServicesTexas law requires all real estate license holders to give the following informaƟon aboutbrokerage services to prospecƟve buyers, tenants, sellers and landlords.TYPES OF REAL ESTATE LICENSE HOLDERS:. A BROKER is responsible for all brokerage acƟviƟes, 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 informaƟon about the property or transacƟon received by the broker; Answer the client’s quesƟons and present any offer to or counter-offer from the client; and Treat all parƟes to a real estate transacƟon 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 wriƩen lisƟng to sell or property management agreement. An owner's agent must perform the broker’s minimum duƟesabove and must inform the owner of any material informaƟon about the property or transacƟon known by the agent, includinginformaƟon 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 awriƩen representaƟon agreement. A buyer's agent must perform the broker’s minimum duƟes above and must inform the buyer of anymaterial informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent by the seller orseller’s agent.AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parƟes the broker must first obtain the wriƩenagreement of each party to the transacƟon. The wriƩen agreement must state who will pay the broker and, in conspicuous bold orunderlined print, set forth the broker's obligaƟons as an intermediary. A broker who acts as an intermediary: Must treat all parƟes to the transacƟon imparƟally and fairly; May, with the parƟes' wriƩen consent, appoint a different license holder associated with the broker to each party (owner andbuyer) to communicate with, provide opinions and advice to, and carry out the instrucƟons of each party to the transacƟon. Must not, unless specifically authorized in wriƟng to do so by the party, disclose:ᴑ that the owner will accept a price less than the wriƩen asking price;ᴑ that the buyer/tenant will pay a price greater than the price submiƩed in a wriƩen offer; andᴑ any confidenƟal informaƟon or any other informaƟon that a party specifically instructs the broker in wriƟng not todisclose, unless required to do so by law.AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacƟon without an agreement to represent thebuyer. 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 duƟes and responsibiliƟes to you, and your obligaƟons under the representaƟon 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 noƟce is being provided for informaƟon purposes. It does not create an obligaƟon foryou to use the broker’s services. Please acknowledge receipt of this noƟce below and retain a copy for your records.Davidson Bogel Real Estate, LLCLicensed Broker /Broker Firm Name orPrimary Assumed Business NameMichael Edward Bogel IIDesignated Broker of Firminfo@db2re.com214-526-3626License 4427License No.EmailPhoneCollins Meier714822License No.cmeier@db2re.comEmail214-526-3626Licensed Supervisor of Sales Agent/AssociateN/AN/AN/ALicense No.EmailPhoneN/ASales Agent/Associate’s NameBuyer/Tenant/Seller/Landlord InitialsRegulated by the Texas Real Estate CommissionPhoneDateInformaƟon available at www.trec.texas.govIABS 1-0

11-2-2015Information About Brokerage ServicesTexas law requires all real estate license holders to give the following informaƟon aboutbrokerage services to prospecƟve buyers, tenants, sellers and landlords.TYPES OF REAL ESTATE LICENSE HOLDERS:. A BROKER is responsible for all brokerage acƟviƟes, 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 informaƟon about the property or transacƟon received by the broker; Answer the client’s quesƟons and present any offer to or counter-offer from the client; and Treat all parƟes to a real estate transacƟon 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 wriƩen lisƟng to sell or property management agreement. An owner's agent must perform the broker’s minimum duƟesabove and must inform the owner of any material informaƟon about the property or transacƟon known by the agent, includinginformaƟon 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 awriƩen representaƟon agreement. A buyer's agent must perform the broker’s minimum duƟes above and must inform the buyer of anymaterial informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent by the seller orseller’s agent.AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parƟes the broker must first obtain the wriƩenagreement of each party to the transacƟon. The wriƩen agreement must state who will pay the broker and, in conspicuous bold orunderlined print, set forth the broker's obligaƟons as an intermediary. A broker who acts as an intermediary: Must treat all parƟes to the transacƟon imparƟally and fairly; May, with the parƟes' wriƩen consent, appoint a different license holder associated with the broker to each party (owner andbuyer) to communicate with, provide opinions and advice to, and carry out the instrucƟons of each party to the transacƟon. Must not, unless specifically authorized in wriƟng to do so by the party, disclose:ᴑ that the owner will accept a price less than the wriƩen asking price;ᴑ that the buyer/tenant will pay a price greater than the price submiƩed in a wriƩen offer; andᴑ any confidenƟal informaƟon or any other informaƟon that a party specifically instructs the broker in wriƟng not todisclose, unless required to do so by law.AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacƟon without an agreement to represent thebuyer. 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 duƟes and responsibiliƟes to you, and your obligaƟons under the representaƟon 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 noƟce is being provided for informaƟon purposes. It does not create an obligaƟon foryou to use the broker’s services. Please acknowledge receipt of this noƟce below and retain a copy for your records.Davidson Bogel Real Estate, LLCLicensed Broker /Broker Firm Name orPrimary Assumed Business NameMichael Edward Bogel IIDesignated Broker of FirmDavid Davidson JR.Licensed Supervisor of Sales Agent/AssociateN/ASales Agent/Associate’s Name9004427info@db2re.com214-526-3626License ense License No.EmailPhoneN/AN/AN/ALicense No.EmailPhoneBuyer/Tenant/Seller/Landlord InitialsRegulated by the Texas Real Estate CommissionDateInformaƟon available at www.trec.texas.govIABS 1-0

We make no guarantee or warranty regarding the information contained in this flyer. You and your advisors should perform a detailed, independent, investigation of the property to . Median Home Value 1 Mile: 316,046: Median Home Value 2 Mile: 316,046: Median Home Value 3 Mile: . Trails of Elizabeth Creek DR Horton 134. 3. Timberbrook .