BAKKEN MULTIFAMILY INVESTMENT THREE NORTH DAKOTA APARTMENT PROPERTIES

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1 PORTFOLIO FEATURES INVESTMENT SALE: CALL FOR PRICING Three high-end North Dakota multifamily properties located in Dickinson, Minot and Tioga Can be sold as full portfolio or per property 8 buildings 336 units total: Raven Ridge 3 buildings 126 units Hunters Creek 1 building 42 units Timber Cove 4 buildings 168 units Raven Ridge comes with available land for additional units All properties feature one- and two-car detached garage units Newer construction, all properties are less than 6 years old Offering memorandum available upon request FAST FACTS TOTAL PROPERTIES 3 TOTAL BUILDINGS 8 TOTAL APARTMENT UNITS TOTAL ONE BED/ONE BATH TOTAL TWO BED/TWO BATH TOTAL THREE BED/TWO BATH 17 TOTAL GARAGE UNITS 369 YEAR BUILT 2013

2 BADLANDS II MULTIFAMILY INVESTMENT PORTFOLIO AERIAL TIMBER COVE APARTMENTS TIOGA MINOT HUNTERS CREEK APARTMENTS DICKINSON RAVEN RIDGE APARTMENTS

3 BADLANDS II MULTIFAMILY INVESTMENT INVESTMENT HIGHLIGHTS BAKKEN OIL PRODUCTION ACTIVITY 2018 Bakken oil production activity reached historic levels, and there is no sign of slowing. In September, North Dakota production reached a new record of 1.36 million barrels per day, a change of +5.2% from the prior month and +22.7% from one year ago. The average monthly WTI price for September 2018 was $66.76 per barrel, a change of +2.2% from the prior month and +45.1% from one year ago. CONSTRAINED HOUSING SUPPLY Due to the resurgence of Bakken oil production activity, Western North Dakota energy markets are experiencing a rapid influx of service workers which is increasing area housing demand. With this demand inching toward outweighing supply, the Badlands II multifamily portfolio is well-positioned as an investment with high-return potential. STABILIZATION UPSWING The demand for Bakken oil in the global market is not disappearing anytime soon, keeping North Dakota shale play markets on an upward economic trajectory. We are seeing Bakken multifamily vacancy rates shrink to 7% (and dropping) as rental rates increase 28%- 32%. With this stabilization upswing, multifamily investors now have a strong opportunity for future returns. 7% VACANCY 1.36 MILLION PERCENT Bakken multifamily vacancy rate as of December 2018 (and dropping). Number of North Dakota oil barrels produced per day in September Bakken multifamily rental rate increase.

4 RAVEN RIDGE APARTMENTS 1055, 1056, 1156 DONNA LANE, DICKINSON, ND FAST FACTS NUMBER OF BUILDINGS 3 APARTMENT UNITS 126 GARAGE UNITS 154 YEAR BUILT 2013 COUNTY STARK UNIT AND COMMUNITY FEATURES UNIT BREAKDOWN Air Conditioner Cable Ready Carpeting Dishwasher Disposal Efficient Appliances High Ceilings Large Closets Microwave Patio/Balcony Refrigerator Washer/Dryer Window Coverings Handicap Accessible Community Garden Controlled Entry Doors On-Site Maintenance On-Site Management One bed/one bath 46 units Two bed/two bath 73 units Three bed/two bath 7 units Detached one-car garage 49 units Detached two-car garage 105 units Additional land available for 42 units and the foundation has been poured

5 RAVEN RIDGE APARTMENTS 1055, 1056, 1156 DONNA LANE, DICKINSON, ND CITY PERSPECTIVE

6 RAVEN RIDGE APARTMENTS 1055, 1056, 1156 DONNA LANE, DICKINSON, ND PROPERTY AERIAL

7 HUNTERS CREEK APARTMENTS TH STREET NORTHEAST, MINOT, ND FAST FACTS NUMBER OF BUILDINGS 1 APARTMENT UNITS 42 GARAGE UNITS 42 YEAR BUILT 2012 COUNTY WARD UNIT AND COMMUNITY FEATURES UNIT BREAKDOWN Air conditioner Cable ready Carpeting Dishwasher Disposal Electronic thermostat Large closets Microwave Refrigerator On-site maintenance On-site management Patio/balcony Washer/Dryer Window coverings Wheelchair access Controlled access/gated Some paid utilities One bed/one bath 14 units Two bed/two bath 26 units Three bed/two bath 2 units Detached one-car garage 10 units Detached two-car garage 32 units

8 HUNTERS CREEK APARTMENTS TH STREET NORTHEAST, MINOT, ND CITY PERSPECTIVE

9 HUNTERS CREEK APARTMENTS TH STREET NORTHEAST, MINOT, ND PROPERTY AERIAL

10 TIMBER COVE APARTMENTS 1100, 1104, 1108, 1112 ELM STREET, TIOGA, ND FAST FACTS NUMBER OF BUILDINGS 4 APARTMENT UNITS 168 GARAGE UNITS 173 YEAR BUILT 2013 COUNTY WILLIAMS UNIT AND COMMUNITY FEATURES UNIT BREAKDOWN Range Refrigerator Air conditioner Electric heat Storage closets Laundry facilities Fully carpeted Off-street parking with plug-ins Vaulted ceilings Garages available Picnic area Bike racks Lighted parking lots Postal mail drops Handicap accessible Smoke-free buildings Some paid utilities On-site rental office One bed/one bath 59 units Two bed/two bath 101 units Three bed/two bath 8 units Detached one-car garage 65 units Detached two-car garage 108 units

11 TIMBER COVE APARTMENTS 1100, 1104, 1108, 1112 ELM STREET, TIOGA, ND CITY PERSPECTIVE

12 TIMBER COVE APARTMENTS 1100, 1104, 1108, 1112 ELM STREET, TIOGA, ND PROPERTY AERIAL