C R E A T I N G O P. National Exposure Local Expertise P O R T U. k n o w l e d N I T Y T. g e p H R O U G H. r o c e s s. r e l. a t i o n s h.

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1 C R E A T I N G O P National Exposure Local Expertise P O R T U k n o w l e d N I T Y T g e p r o c e s s H R O U G H r e l a t i o n s h i p s

2 Table of Contents Knowledge Who is ARA? Page 1 Service Lines Page 2 Sales Experience Page 4 La Via Pembroke Pines, FL Process Multifamily Investment Sales and Services Page 5 Relationships ARA Clients (Includes Servicers and Lenders) Page 6 ARA Contacts Page 7 Cooper s Pointe N. Charleston, SC San Montego Phoenix, AZ ARA Office Locations Seattle Portland Boston Sacramento San Francisco Salt Lake City Denver Kansas City Chicago Distressed Assets Dayton Irvine Las Vegas Phoenix Dallas Seniors Housing Charlotte Atlanta *National Headquarters Austin Affordable Housing Student Housing Manufactured Housing Houston Tampa Orlando Boca Raton Atlanta-headquartered Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, seniors, student, distressed assets, manufactured housing, note sales and multihousing land. ARA is comprised of the country s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions.

3 C R E A T I Southwillow West Jordan, UT N G O P River Birch Phase II Charlotte, NC AMLI Midtown Houston, TX W h o i s A R A? k n o w l e P O R T U Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory brokerage firm in the nation that focuses exclusively on the multihousing industry. ARA is comprised of the country s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships, and technology-driven solutions. A true measure of ARA s success can be found in the number of repeat clients served by ARA year-after-year. These notable client endorsements have lead to recordbreaking sales volumes for three consecutive years and the industry s highest per-broker annual average sales volume of $79 million among ARA s 80+ brokerage professionals. These impressive per broker numbers could not be achieved without the support of ARA s more than 80 equally talented research, marketing, financial, and administrative team members considered to be among the best within the multihousing industry. ARA continues to expand and enhance its national market presence in order to serve its growing list of clients. With offices from Seattle, WA to Boston, MA, ARA is well positioned to provide service to its clients from coast-tocoast. Continuous investment in research and technology has resulted in the development of the industry s most advanced and robust proprietary database of active buyers around the globe. ARA s database currently has more than 25,000+ registered buyers and features the industry s most comprehensive database of multihousing investment opportunities providing unparalleled exposure levels for active listings and 24/7 password protected client access. ARA creates value for sellers and the investors in multifamily communities through its local, national and international, relationship-based, brokerage and financial services N u m b e r s a t a G l a n c e Average Annual Production Volume $5.6B Average Annual Transaction Volume per Broker $79M platform. Number of Brokerage Professionals 80+ U.S. Market Coverage 37 States 300+ Cities i p s d g e a t i o n s h p r o c e s s r e l N I T Y T H R O U G H ARA s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. This combination of resources, unparalleled market expertise, and nationwide presence in the multihousing marketplace resulted in an average annual production volume of $5.6 billion in real estate transactions. 1

4 Service Lines Provides comprehensive consulting and brokerage services in the areas of: Distressed asset dispositions Long-term financing Equity Mezzanine restructuring Advisory services Has more than 40 years of experience in the multihousing arena & has forged strong relationships with developers, equity and mezzanine lenders, private equity groups, hedge funds,trustees, receivers and institutions, providing a unique perspective which enables them to analyze and resolve critical issues facing clients in matters related to distressed properties. Distressed Provides a full range of finance services to ARA clients including conventional multifamily market rate lending and financing, refinancing and new construction lending for owners of affordable, seniors, student and manufactured housing. Is highly specialized and offers expertise in the securing of debt for the acquisition, refinance or new construction of: Market Rate Apartments Affordable Housing Seniors Housing Student Housing Manufactured Housing Is a joint venture of ARA and CWCapital, a vertically integrated commercial real estate finance and management company that has closed approximately $10 billion of loans since 2002 and services over $10 billion of loans in 48 states. ARA Finance Colonial Estates Defiance, OH Lofton Place Tampa, FL Recognizes the need for specialized knowledge and expertise to service the Seniors sector. Through ARA, has extensive contacts within multifamily and a proprietary database of seniors housing buyers, sellers, sales, and properties which enables this group to provide unparalleled insight, value, and performance to the seniors market, while bringing fresh capital to the seniors arena. Provides expertise in: Nationwide Exclusive Brokerage Services Existing, New Construction & Presale Assets Site Selection/Acquisition Pre due diligence & due diligence assistance Market Brochures & Graphic Design Market trends (local, regional and national) Senior Housing Specializes in the disposition of student housing investment properties across the country. Represents a sector of the market which has seen continued increased demand due to rising enrollments from the growing echo-boom generation combined with the constrained supply of largely obsolete on-campus housing which has resulted in heightened development of new privatized student housing. Understands that while these assets tend to provide a yield that is favorable to conventional multifamily product, when compared to the management demands, annual lease-up, marketing cycles and the nuances of public vs. conventional financing, requires a unique brokerage skill set that can only come from a fully-focused practice group that specializes in this product type. Student Housing Village of Stone Brook McKinney, TX University Apartments on Riverbend Athens, GA 2

5 Specializes in the disposition of family and age restricted manufactured housing and recreational vehicle investment properties across the country. C R E A T I Represents an asset class, previously misunderstood & overlooked, that has grown into a mainstream investment product for ARA s private and institutional clients. This sector arguably provides the most stable cash flow of any multihousing investment product. N G O P Assets of this type tend to provide a yield that is favorable when compared to conventional multifamily product in any given market. k n o w l e P O R T U Manufactured Housing Matches strategy to circumstances and development plans ensuring the highest price the market can bear for ARA s client. d g e N I T Y T Belle Aire Marseilles, IL Proactively and aggressively markets all land use types (including commercial, mixed-use, condominiums, senior and student housing) by focusing directly on the buyers with the highest probability of closing (especially important in today s equity scarce market). Are not multifamily brokers who also market land; they are brokers who only market land. p r o c e s H R O U G H Dedicated to providing advisory and brokerage services to owners of multifamily properties financed using Low Income Housing Tax Credits (LIHTC), Tax Exempt Bonds, and HUD rental/financing subsidies. Working closely with ARA Finance, is able to leverage off of their experience in financing tax exempt bonds, FHA loans and agency loans for affordable housing. Understands that a successful exit strategy of affordable housing requires an understanding of the unique operational and underwriting nuances, diligence and experience navigating through various partnership agreements, regulatory agreements, and subsidy agreements (HAP Contracts). Land Little Raven Multifamily Land Site Denver, CO i p s a t i o n s h s r e l Seamlessly combines the team s affordable housing expertise with local and regional expertise throughout ARA s regional offices. Affordable Housing Fairmarket Plaza Charlotte, NC 3

6 S a l e s E x p e r i e n c e Equity 1031 Exchange Conventional Greenway Court Houston, TX 442 Units ~ 1983 YOC Short Sale $33.5 B TOTAL ANNUAL SALES VOLUME Silver Shadow Federal Way, WA 132 Units ~ 1986 YOC Conventional Mid-Rise Lynn Crest Apartments Raleigh, NC 228 Units ~ 1997 YOC Portfolio The Fountains at Delray Beach Delray Beach, FL 149 Units ~ 1999 YOC Chestnut Hills Apartments Kansas City, MO 388 Units ~ YOC Patriot Place Florence, SC 168 Units ~ 1974 YOC Affordable Land Conventional Taylor Terrace Sacramento, CA 168 Units ~ 1994 YOC Fractured Condos Clay Hollow Land Site West Jordan, UT Conventional Aperture Denver, CO 36 Units ~ 1961 YOC Student 1,697 TOTAL CLOSED TRANSACTIONS Easton Crossing Easton, MA 77 Units ~ 1975 YOC Washington Park Dayton, OH 150 Units ~ 1998 YOC Duval Villa Austin, TX 112 Units ~ 1968 YOC TIC Equity Student 446k+ Las TOTAL UNITS SOLD Ventanas Alamogordo, NM 280 Units ~ 1999 YOC REO / Seniors Three Lakes Apartments Overland Park, KS 278 Units ~ 1987 YOC Conventional Sterling by The River West Columbia, SC 70 Units ~ 2007 YOC Portfolio Village of Stone Brooke McKinney, TX 202 Units ~ 2006 YOC Addison Place Atlanta, GA 403 Units ~ 1999 YOC Lancaster Commons Salem, OR 180 Units ~ 1992 YOC 4

7 M u l t i f a m i l y I n v e s t m e n t S a l e s a n d S e r v i c e s ARA Cumulative Sales Multifamily Investment Sales Multifamily Advisory Services Multifamily Market Research Portfolio Sales Financial Valuation Reports Valuation/Opinion Letters Asset Valuations Buy/Sell Analysis Rent/Sale Comparables Pre-Marketing Preparation Joint Venture/Presales 1031 Investor Tracking Underwriting ARA Investor Database Reports Capital Markets Advisory Services Financing Conversion Analysis Portfolio Optimization Due Diligence Administration Transaction Support Services Loan Workout/Restructuring Note Sales Debt Services REO Sales Land Sales C R E A T I N G O P k n o w l e d g e P O R T U p r o c e s s r e l N I T Y T H R O U G H a t i o n s h i p s Sunrise Terrace Madera, CA AMLI at Chevy Chase Buffalo Grove, IL Preserve at Longleaf Melborne, FL Trails of Ashford Houston, TX 5

8 R e c e n t R e p r e s e n t a t i v e A R A C l i e n t s Equity Residential AIMCO BlackRock, Inc. Internacional Realty US Advisors, LLC Sentinel Real Estate Corporation Trammell Crow Residential MBS Companies Fifteen Group Fairfield Residential, LLC United Dominion Realty Trust AMLI Residential Property Trust The Connor Group JPI FSC Realty, LLC Greystar JPMorgan Archstone Northwestern Investment Management Crosland BPG Properties, LTD Altman Development Corporation CWS Capital Partners, LLC BF Group, LLC TriMont Real Estate Advisors INVESCO Realty Advisors Acacia Capital Corporation Judwin Properties Camden Property Trust Julian LeCraw & Company, LLC Sueba USA Corporation BRE Properties JTS Crestmoor Downs, Ltd. Broad Street Partners, LLC Northwestern Mutual Life Jars Residential Properties, LLC Simpson Housing, LLLP Archon Group Lindsey Management Company, Inc. Worthing Companies Gables Residential Embrey Partners, Ltd. Principal Real Estate Investors Euro American Advisors Venterra Martin Fein Interests Triple Net Properties Harbor Group International Westdale Asset Management Steven D. Bell & Company MAXX Properties JTL Properties Bridge Partners Principal Capital Management ARA s success is measured by the success of its clients 6

9 C o n t a c t s PACIFIC NORTHWEST Seattle Tel: Fax: Jim Claeys jclaeys@arausa.com Jeff Daub jdaub@arausa.com J.P. Harlow jharlow@arausa.com David Massa dmassa@arausa.com Jeff Patterson patterson@arausa.com PACIFIC Irvine Tel: Fax: Jeff Patterson patterson@arausa.com Tyler Martin tmartin@arausa.com Sacramento Tel: Fax: Mark Leary mleary@arausa.com Nate Oleson noleson@arausa.com San Francisco Tel: Fax: Craig Chiappone cchiappone@arausa.com Mike Colhoun mcolhoun@arausa.com Curtis Gardner cgardner@arausa.com John McCulloch jmcculloch@arausa.com WEST Denver Tel: Fax: Doug Andrews andrews@arausa.com Chris Cowan cowan@arausa.com Ken Greene greene@arausa.com Jeff Hawks hawks@arausa.com Terrance Hunt hunt@arausa.com Kevin McKenna kmckenna@arausa.com Steve Odell odell@arausa.com Shane Ozment ozment@arausa.com Jason Wine wine@arausa.com Phoenix Tel: Fax: Brad Goff goff@arausa.com David Lord dlord@arausa.com Bret Zinn zinn@arausa.com Salt Lake City Tel: Fax: Kevin Hart kmhart@arausa.com Jed Millburn jbmillburn@arausa.com Mark Millburn mbmillburn@arausa.com Sage Sawyer srsawyer@arausa.com Las Vegas Tel: Fax: Christopher Bentley cbentley@arausa.com Jeremiah Drake jdrake@arausa.com MID-ATLANTIC Charlotte Tel: Fax: Blake Okland okland@arausa.com W. Dean Smith smith@arausa.com Sean Wood swood@arausa.com CENTRAL Austin Tel: Fax: Jon Boone boone@arausa.com Casey Fry cfry@arausa.com Matt Heininger heininger@arausa.com Patton Jones jones@arausa.com Jeff Patterson patterson@arausa.com Andrew Shih ashih@arausa.com Kelly Witherspoon witherspoon@arausa.com Dallas Tel: Fax: Lindsay Allen lallen@arausa.com Jordan Cortez jordan.cortez@arausa.com Brian Murphy brian.murphy@arausa.com Brian O Boyle oboyle@arausa.com Brian O Boyle, Jr. bj.oboyle@arausa.com Jeff Pritchard pritchard@arausa.com Houston Tel: Fax: Tim Dosch tdosch@arausa.com Russell Jones rjones@arausa.com David Marshall marshall@arausa.com Clifford McDaniel mcdaniel@arausa.com David Mitchell mitchell@arausa.com David Oelfke oelfke@arausa.com Matthew Rotan rotan@arausa.com David Wylie wylie@arausa.com Kansas City Tel: Fax: Mac Crowther crowther@arausa.com Reid Teaney rteaney@arausa.com MIDWEST Chicago Tel: Fax: Debbie Corson dcorson@arausa.com Susan Lawson slawson@arausa.com Dayton/Cincinnati Tel: Fax: Debbie Corson dcorson@arausa.com Adele Deeter deeter@arausa.com Brian Pace bpace@arausa.com SOUTHEAST Atlanta Tel: Fax: Richard Bell bell@arausa.com Derrick Bloom bloom@arausa.com Sean Henry henry@arausa.com Vince Lefler lefler@arausa.com Bill Shippen shippen@arausa.com John Weber weber@arausa.com Boca Raton Tel: Fax: Hampton Beebe beebe@arausa.com Marc debaptiste debaptiste@arausa.com Richard Donnellan donnellan@arausa.com Avery Klann klann@arausa.com Orlando Tel: Fax: Kevin Judd judd@arausa.com Tampa Tel: Fax: Patrick Dufour pdufour@arausa.com NORTHEAST Boston Tel: Fax: Richard Robinson robinson@arausa.com Terence M. Scott scott@arausa.com ARA NATIONAL HEADQUARTERS Atlanta Tel: Fax: Amy Holland aholland@arausa.com Gary Kachadurian gkachadurian@arausa.com Chris Lavagnino clavagnino@arausa.com Lisa Robinson lrobinson@arausa.com C R E A T I ARA NATIONAL SPECIALTY PRACTICE GROUPS Affordable Housing Tel: Fax: Doug Childers dchilders@arausa.com David Fournier dfournier@arausa.com Clifford McDaniel mcdaniel@arausa.com Distressed Assets Solutions Group (DASG) Tel: Fax: Debbie Corson dcorson@arausa.com Manufactured Housing Tel: Fax: Todd Fletcher tfletcher@arausa.com Andrew Shih ashih@arausa.com Land Services Please Contact Local Office Seniors Housing Tel: Fax: Scott Corbin scorbin@arausa.com Ryan Maconachy rmaconachy@arausa.com Student Housing Tel: Fax: Chris Bancroft cbancroft@arausa.com Chris Epp cepp@arausa.com Patton Jones jones@arausa.com ARA FINANCE National info@ara-finance.com * All Principals are in bold N G O P k n o w l e i p s d g e a t i o n s h P O R T U p r o c e s s r e l N I T Y T H R O U G H Trusted Knowledge Valued Relationships 7

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