1. Focusing on the Fundamentals Multifamily Real Estate

2. Location, Location, Location 3 Fundamentals for Property location: 1.High Population Growth 2.Strong Employment Growth 3.Recovering Real Estate Markets Ideal locations encompass all three fundamentals.

3. High Population Growth Source: United States Census Bureau – Forbes.com – “Population Growth is Back in Clobbered Metros: Phoenix, Orlando, and Las Vegas” (March 15, 2013 ) Fastest Growing Large U.S Cities * #City % Population Change, 2011-2012 1 Austin, TX3.0 2 Orlando, FL2.2 3 Raleigh, NC2.2 4 Houston, TX2.1 5 Dallas-Fort Worth, TX2.0 6 San Antonio, TX1.9 7 Phoenix, AZ1.8 8 Denver, CO1.8 9 Charlotte, NC1.7 10 Nashville, TN1.7 Highlighted Cities are located in Sunbelt States. *Among cities with metropolitan areas with at least one million population.

4. High Job Growth U.S JOB GROWTH RANKINGS (Top 5)* Total Nonfarm Job Growth: April 2013 over April 2012 StateMetro AreaRank 2013% GrowthRank 2012% Growth TexasHouston-Baytown-Sugar Land14.17%13.32% TexasDallas-Fort Worth-Arlington23.50%32.54% FloridaTampa-St. Petersburg-Clearwater33.05%52.34% ColoradoDenver-Aurora42.70%62.29% ArizonaPhoenix-Mesa-Scottsdale52.43%111.93% Highlighted Metro Areas are located in Sunbelt States. *Metropolitan Statistical Areas (MSA's) with over 1,000,000 jobs Source: Job Growth Update, W. P. Carey School of Business, Arizona State University (April 2013 Data Released May 2013)

5. Recovering Real Estate Markets *Based on a review of the median home value of the 30 largest housing markets measured by Zillow Inc. 24/7 Wall St. identified the 10 housing markets that have risen the most from the first quarter of 2012 to the first quarter of 2013. Highlighted Cities are located in Sunbelt States. 10 Best Housing Markets Right Now RankCity Change in home value (2012) Current home value Forecast change in home value (2013) 1 Phoenix, AZ24.0%$165,60010.6% 2 Las Vegas, NV22.3%$138,8007.5% 3 San Jose, CA22.1%$676,1009.7% 4 San Francisco, CA21.4%$563,20010.5% 5 Sacramento, CA20.1%$241,60015.6% 6 San Diego, CA17.1%$396,8008.8% 7 Riverside, CA16.3%$210,10017.2% 8 Los Angeles, CA14.9%$439,40011.1% 9Detroit, MI13.1%$84,7004.4% 10Denver, CO13.1%$234,2003.1%

6. Multifamily Real Estate – CORE STRATEGY Advantages of Multifamily Real Estate? 1.Stable Income 2.‘Value Added’ Opportunities 3.High Demand