VALUE-ADD OPPORTUNITY 742 CLASS A UNITS ACQUIRE BELOW REPLACEMENT COST

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1 FOR SALE VALUE-ADD OPPORTUNITY 742 CLASS A UNITS ACQUIRE BELOW REPLACEMENT COST SOUTH RIDGE LUXURY APARTMENTS TH ST W FAIR HILLS APARTMENTS TH ST W WILLISTON, NORTH DAKOTA SOUTH RIDGE LUXURY APARTMENTS FAIR HILLS APARTMENTS THE OFFERING CBRE is pleased to offer for sale a portfolio of 742 class A apartment units in Williston, ND. This 2016-vintage portfolio consists of the 350-unit Fair Hills Apartments and 392-unit South Ridge Luxury Apartments, along with 9.7 acres of readily developable land. First Vice President chance.lindsey@cbre.com South Ridge Luxury Apartments includes an extra 9.7 acres of improved land which is designed and zoned to hold an additional 119 units, if desired. Having risen 38% in the last 18 months, the price of WTI Oil is on an upward trajectory and, as a result, job openings in Williams County are up 50% year-over-year. CONTACT US CHANCE LINDSEY These apartments were recently constructed at a cost of $164,000 per unit and construction costs have subsequently increased 20%, creating natural barriers to entry. ABRAHAM APPERT Executive Vice President abe.appert@cbre.com Underground parking is available at South Ridge Luxury Apartments and both properties feature over-sized garages. Some of the amenities and features include a clubhouse, exercise facilities, dog parks, elevators, granite countertops and nine foot ceilings.

2 WILLISTON PORTFOLIO SOUTH RIDGE LUXURY APARTMENTS ADDRESS TH ST W, WILLISTON, ND PROPERTY ID , TOTAL ACRES 34.5 NUMBER OF BUILDINGS 6 CLUBHOUSE YEAR BUILT 2016 STORIES 3&4 EST. NET RENTABLE AREA (SF) 331,233 AVG UNIT SIZE (SF) 845 TOTAL UNITS 392 VACANT UNITS 25 AS OF 7/2/18 PHYSICAL OCCUPANCY 94% AS OF 7/2/18 COMMUNITY AMENITIES Playground Underground parking & oversized garages Picnic area with barbecue grills On-site management and maintenance Vehicle wash station Off leash dog park Clubhouse with wi-fi Business center with computers Studio, 1, 2 and 3 bedroom floor plans Tanning beds 24/7 fitness center with view of play area Key fob building entrances All buildings have security systems with cameras Elevators UNIT MIX 7TH ST W EXCESS LAND /- 9.7 ACRES UNIT AMENITIES 9 foot ceilings Breakfast bar Ambient heat Modern finishes Composite balcony or patio Black appliances Wood-style flooring Full-size washer and dryer ONE BEDROOM 35% TWO BEDROOM 50% STUDIO 12% THREE BEDROOM 3%

3 WILLISTON PORTFOLIO FAIR HILLS APARTMENTS COMMUNITY AMENITIES ADDRESS TH ST W, WILLISTON, ND PROPERTY ID , & TOTAL ACRES 18.3 NUMBER OF BUILDINGS 8 YEAR BUILT 2015 STORIES 3 EST. NET RENTABLE AREA (SF) 350,178 AVG UNIT SIZE (SF) 1,001 TOTAL UNITS 350 VACANT UNITS 12 AS OF 7/2/18 PHYSICAL OCCUPANCY 97% AS OF 7/2/18 Playground Oversized garages Picnic area with barbecue grills Welcome center On-site management and maintenance Off leash dog park 1, 2 and 3 bedroom floor plans 24/7 fitness center Key fob building entrances All buildings have security systems with cameras UNIT AMENITIES 29TH ST W W 27TH AVE 29TH AVE W UNIT MIX Granite countertops Breakfast bar Modern finishes Balcony or patio Black appliances Wood-style flooring Full-size washer and dryer THREE BEDROOM 14% TWO BEDROOM 63% 26TH ST W ONE BEDROOM 23%

4 WILLISTON PORTFOLIO WILLISTON, ND FUTURE WILLISTON BASIN INTERNATIONAL AIRPORT From a quiet agricultural town to the fastest growing city in the United States, Williston has been on a wild ride the last decade. The region sits atop one of the most attractive and productive oil formations in the world, and because of the oil industry s gains in efficiency and technology, the region is less beholden to the ebbs and flows of an international commodities market. 85 WILLISTON MUNICIPAL GOLF COURSE PRAIRIE PINES AT THE RIDGE APTS SLOULIN FIELD INTERNATIONAL AIRPORT 85 HARVEST PLAZA WESTERN STAR COMPLEX WILLISTON HIGH SCHOOL WILLISTON STATE COLLEGE 2 HAGAN ELEMENTARY BLUFFS OF WILLISTON EW 32ND AV FAIR HILLS APARTMENTS SOUTH RIDGE APARTMENTS BENNETT INDUSTRIAL PARK CHANDLER FIELD RETAIL AND MULTIFAMILY DEVELOPMENT WILLISTON MEDICAL CENTER

5 WILLISTON PORTFOLIO MARKET OVERVIEW From a quiet agricultural town to the fastest growing city in the United States, Williston has been on a wild ride the last decade. The region sits atop one of the most attractive and productive oil formations in the world, and because of the oil industry s gains in efficiency and technology, the region is less beholden to the ebbs and flows of an international commodities market. With job growth projected to continue at a very healthy pace for 25 years, the Williston Basin is emerging as a place to raise a family, buy a home, and start a business under the open skies of Western North Dakota and above the very special geology of the Bakken. POPULATION (AS OF JULY 2017) 33,349 UNEMPLOYMENT RATE 2.6% (AS OF MAY 2018) MEDIAN HOUSEHOLD INCOME 2016 (WILLISTON) $90,080 MEDIAN HOUSEHOLD INCOME 2016 (UNITED STATES) $55,322 Williston s captial improvement plans are slated to be completed by 2020 and include: - Transportation Improvements - Wastewater Upgrades - Water Upgrades - Stormwater Improvements - Solid Waste Improvements - Airport Relocation and Expansion - Public Buildings Expansions The demand for air services has decreased in recent years but is still far greater than it was a decade ago. Not only will the airport provide better service but can also accommodate larger airplanes and more traffic. There will also be benefits for general aviation, charter aircraft, cargo service and unmanned aerial vehicles. The new airport is a catalyst for other improvements throughout the region including lodging, transportation, and entertainment. No place else in the country can experience what we are experiencing right now inforum.com -Steven Kjergaard (airport director)

6 WILLISTON PORTFOLIO EMPLOYMENT BY INDUSTRIES MINING, QUARRYING, OIL, AND GAS EXTRACTION 18.5% 11.4% HEALTHCARE & SOCIAL ASSISTANCE 6.6% AGRICULTURE, FORESTRY, FISHING, HUNTING 4.2% EDUCATIONAL SERVICES CONSTRUCTION RETAIL TRADE 8.4% 8.9% TRANSPORTATION AND WAREHOUSING 6.5% PROFESSIONAL, SCIENTIFIC, TECH SERVICES 3.8% ACCOMMODATION & FOOD 1.2% MANUFACTURING UTILITIES ADMIN., SUPPORT WASTE MANAGEMENT SERVICES 4.7% 3.4% 1.1% 3.8% OTHER SERVICES 1% [EXCEPT PUBLIC ADMINISTRATION] ARTS ENTERTAINMENT RECREATION 5.2% WHOLESALE TRADE FINANCE & INSURANCE 2.4% REAL ESTATE, RENTAL & LEASING 2.3% 3.9% 2.7% PUBLIC ADMIN INFORMATION DataUSA CONTACT US CHANCE LINDSEY First Vice President chance.lindsey@cbre.com ABRAHAM APPERT Executive Vice President abe.appert@cbre.com 2016 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections,opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.