119.5M 1, % SPOTLIGHT ON DOWNTOWN BALTIMORE, MARYLAND MARCH % Three Bedroom 13% 28% Two Bedroom. Average Unit Mixes.

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1 SPOTLIGHT ON DOWNTOWN BALTIMORE, MARYLAND Inner Harbor Market Overview Saint Paul Lofts Exclusive Offering Rental Overview $ 119.5M Total sales volume in Downtown Baltimore since 2012, averaging $163,513 per unit $ 1,425 Average asking rent per unit as of Q1 2017, 2.3% higher than the historical average 8.8 % Overall vacancy rate in the submarket, and 40 basis points lower than the long-term average 950 Units currently under construction in Downtown Baltimore, accounting for approximately 21% of the entire submarket inventory Number of Bedrooms 28% Two Bedroom 51% One Bedroom Studio 1BR 2BR 3BR 7% Three Bedroom Average Unit Mixes $954 $1,022 $1,382 13% Studio $1,901 $- $500 $1,000 $1,500 $2,000 Analysis excludes affordable properties. Average Rent Per Month 2017 Greysteel / 1

2 Rent Comparables The Munsey The Redwood Studio $1,503 1 Bedroom $1,531 2 Bedroom $2,016 Studio $1,233 1 Bedroom $1,573 2 Bedroom $1,734 3 Bedroom $2,792 St. James Place The Congress Apartments 1 Bedroom $1,216 2 Bedroom $1,425 Studio $1,033 1 Bedroom $1,110 2 Bedroom $1,264 Monument Place 17 East Centre Street Studio $850 1 Bedroom $981 Studio $879 1 Bedroom $902 2 Bedroom $1,199 Unit Amenities Property The Munsey The Redwood St. James Place The Congress Apartments Monument Place 17 East Centre Street Year Built Occupancy 1911, r % % 1920, r % % 1930, r % % Balcony/Patio/Deck Carpeting Cathedral/High Ceilings Ceiling Fans Dishwasher Fireplace Granite Countertops Hardwood Flooring Pet-Friendly Stainless Steel Appliances Washer/Dryer Listed properties represent a small cross-sampling of the overall market. CONTINUE TO SALES COMPARABLES 2017 Greysteel / 2

3 Sales Comparables The report below features a sampling of properties sold since Q in the Downtown Baltimore area. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior. The Professional Building 890 Tyson 507 North Paca 814 Park 914 North Charles The Stafford Property Close Date March 2017 January 2017 July 2016 January 2016 January 2016 January 2016 No. of Units Year Built 1880, r Price $3,700,000 $1,725,000 $1,500,000 $1,015,000 $2,106,500 $10,000,000 Price/Unit $148,000 $215,625 $125,000 $92,272 $110,868 $104,166 Price/SF $ $ $ $ $ $ Seller Kline Scott Visco Private Investor Private Investor Watassa Management Bank of Georgetown AIMCO Buyer Family Office in CA Private Investor Private Investor Private Investor Private Investor LandMark Property Management Listed properties represent a small cross-sampling of the overall market. CONTINUE TO EXCLUSIVE OFFERING 2017 Greysteel / 3

4 Exclusive Offering SAINT PAUL LOFTS 1013 Saint Paul Street Below Market Rents Saint Paul Lofts is composed of four one-bedroom apartments, three two-bedroom apartments, and one fourbedroom apartment. The one-bedroom units have an average monthly rent of $906, 25% below that of competing rentals. The two-bedroom apartments have an average monthly rent of $992, 30% below nearby comparables, while the four-bedroom apartment is rented slightly below market. Future ownership has the ability immediately increase revenue with minimal capital expenditure in one of most in-demand submarkets in Baltimore City. Premier Mount Vernon Location Saint Paul Lofts is well situated in the hip and culturally vibrant neighborhood of Mount Vernon.The area increasingly attracts students and young professionals drawn to its eclectic mix of boutique shops, gourmet restaurants, trendy bars, and nightlife, and neighborhood events such as book fairs, music, and art festivals held throughout the year. Within immediate proximity of the subject Property are numerous prestigious cultural landmarks including the Meyerhoff Symphony Hall, Lyric Opera House, Peabody Library, and Eubie Blake National Jazz Institute. The offering is just around the corner from the Charles Street Retail Corridor and just a few blocks from the original Washington Monument. Transit-Oriented Location Boasting an outstanding Walk Score of 96 and a Transit Score of 83, Saint Paul Lofts residents have direct access to major MTA bus lines, Metro lines, Light Rail, Johns Hopkins Medical Institution (JHMI) shuttle, and Zipcars. Additionally, residents are a short five-minute drive to Downtown Baltimore, Inner Harbor, Little Italy, Camden Yards, Fells Point, and M&T Bank Stadium. Within immediate walking distance of Baltimore Penn Station, allowing residents a one hour commute door-to-door to Washington, D.C. Highway commuters are also just minutes from Interstates 83 and 95 providing access to destinations in the Greater Washington and Baltimore Metropolitan areas. Near Major Employers and Universities Within walking distance of Saint Paul Lofts are the following attractions: The University of Baltimore Law School, the Maryland Institute College of Art (MICA), the Baltimore School for the Arts, and the renowned Johns Hopkins Peabody Institute and Conservatory. Accessible via a plethora of shuttle routes are The Johns Hopkins Homewood campus, State Center, Maryland General Hospital, Mercy Medical Center, the University of Maryland Medical Center, and Downtown Business District Greysteel / 4

5 BAL BALTIMORE 400 East Pratt Street, 8th Floor P F Phoenix Los Angeles Washington, D.C. Baltimore* Philadelphia Dallas Fort Worth Norfolk SALES: FINANCE: ARI AZARBARZIN W. KYLE TANGNEY BRITTANY WISMER Senior Investment Associate Managing Director Senior Finance Associate INVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES Alicia Orkisz Senior Investment Associate Brendan Scanlon Senior Director Ari Firoozabadi** President & CEO Duerk Brewer Chief Operating Officer Yassi Farzaneh Director of Corporate Services Andy Stief VP of Marketing Herbert Schwat Investment Associate Mark Bittenbender Director Jared Emery Lead Research Analyst Carl Financial Analyst Anne Elizabeth Martin Senior Transaction Coordinator Sarah Cornejo Senior Designer * Corporate Headquarters and Transaction Services Center ** For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO (af@greysteel.com ) Greysteel is licensed in: California / LL Washington D.C. / Maryland / RB Pennsylvania / Texas / Virginia / RB Delaware