C L A S S A, V A L U E - A D D O P P O R T U N I T Y I N P L A N O, T X O F F E R I N G S U M M A R Y

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1 C L AS S A, VA LU E -A D D O P P O RT U N I T Y I N P L A N O, T X OFFERING SUMMARY

2 INVESTMENT OVERVIEW Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker ( HFF ) has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in McDermott Place (the Property ) located in Plano, Texas. Owned and built in 1999 by Simpson Housing, McDermott Place is an institutionalquality asset with a unique low-density design combined with an expansive average unit size of nearly 1,200 SF. Exceptional architectural and design features of McDermott Place provide great curb appeal and are highlighted by private first floor entrances, a majority of units featuring one or two-car direct access garages, unique bay windows, home offices with built-in bookshelves, and walk-in showers. Additional features of McDermott Place include unmatched accessibility with frontage on two major high-traffic roads, award-winning Plano schools, walking distance to one of Plano s largest public parks, and a wide range of one- through three-bedroom floor plans ranging from 785 to 1,618 SF. PROPERTY DESCRIPTION INVESTMENT HIGHLIGHTS INSTITUTIONAL QUALITY, CLASS A ASSET WITH VALUE-ADD POTENTIAL McDermott Place presents the opportunity to acquire an institutional quality, Class A asset positioned in the core of Plano s explosive growth. In addition to offering a unique, all townhome unit profile with private first floor entrances and direct access garages, new ownership is afforded the opportunity to increase effective rental rates through an interior renovation program. Potential upgrades include the following:» Stainless Steel Appliances» Granite Countertops» Faux wood Flooring» New Cabinet Fronts» Upgraded Lighting Package» New Fixtures and Hardware Address Year Built Independence Pkwy Plano, TX Occupancy 95.1% as of 06/21/2017 Property Size Average Unit Rentable Area Buildings Stories Units 1,188 SF 384,766 SF 36 incl. Clubhouse Land Area Acres Density Units/Acre Parking Ratio 2.06 Spaces/Unit Parking 297 Surface Spaces 84 Carports 96 One-Car Direct Access Garages 96 Two-Car Direct Access Garages 669 Total Spaces IDEAL FAMILY SETTING WITHIN THE AWARD-WINNING PLANO ISD Prospective residents can choose from seven different townhouse-style floor plans averaging 1,188 SF, of which 72% are 2 and 3-bedroom options. The family oriented appeal of McDermott Place is further bolstered by its location in the renowned Plano ISD. The Property is served by four award winning schools: Andrews Elementary (5 Distinctions), Rice Middle School (7 Distinctions), Jasper High School (6 Distinctions), and Plano West Senior High (5 Distinctions). In addition, McDermott Place is the only Multi-family community that feeds into the desirable Andrews Elementary, widely regarded as one of the best elementary schools in all of Plano. This allows a distinct competitive advantage by marketing to families looking for high quality schools. AFFLUENT DEMOGRAPHIC BASE WITH HEALTHY POPULATION GROWTH The Property enjoys a premier Plano location that is supported by second-to-none demographics. The average household income within a one-mile radius of the Property is an astounding $165,512. The average list price on for-sale houses that feed into Andrews Elementary is $459,000 which equates to a $2,867 monthly mortgage payment* that is almost double the average current rents at McDermott Place. Additionally, the population within a one-mile radius of McDermott Place has experienced tremendous growth as it has doubled since 2000 and is expected to grow another 10% over the next five years. *Inclusive of principal, interest, taxes and insurance based on the Texas home insurance policy average.

3 INVESTMENT HIGHLIGHTS NEARBY ECONOMIC DRIVERS McDermott Place is strategically positioned in Plano, where developable land provides a healthy barrier to entry due to the city being close to 95% build-out. Furthermore, the Property is located near numerous employment centers and several of the most important mixed-use developments in the Metroplex: $5 Billion Mile just four miles west of the Property lies the area that owes its name to the new development of large-scale mixed-use projects that will total $5.5 billion in invested capital including projects such as Frisco Station, Whole Foodsanchored Wade Park, The Gate and The Star, home to the Dallas Cowboys Headquarters complete with a 12,000 seat stadium and an entertainment district encompassing 200,000 SF of retail and restaurant space Frisco Station five miles west of McDermott Place, Frisco Station is a 242-acre mixed-use development planned to include a 50-acre corporate campus, 5.5 million SF of additional office space, 180,000 SF of retail, restaurants and entertainment, 600 hotel rooms, 37 acres of medical office/wellness space and 32 acres of green space including a 15-acre park Legacy Business Park a 2,655-acre masterplanned community less than four miles West of McDermott Place housing the greatest concentration of major corporate headquarters in the southern United States Toyota Corporate Headquarters Toyota has just begun moving the first wave of employees into their brand-new, 100-acre, 2-million SF corporate campus only 5 miles west of the Property, which will ultimately office 5,000 new employees with average incomes of $100,000 Plano, DFW s Preeminent Corporate Address Plano s flourishing center-of-the-market location has become a magnet for corporate headquarters and is currently home to six Fortune 1000 companies as well as a multitude of blue-chip firms prominently featuring the $1.5 billion CityLine mixed-use development, which is just seven miles south of McDermott Place

4 UNIT MIX Units Unit Description % of Total Unit SF Market Rent Market Rent PSF Effective Rent Effective Rent PSF 1 BR - 1 BA 785 $1,040 $1.32 $991 $ BR - 1 BA 938 $1,119 $1.19 $1,071 $ BR - 1 BA - SG 15% 938 $1,0 $1.30 $1,163 $ $1,503 $1.55 $1,3 $1.36 1,043 $1,506 $1.44 $1,429 $ SG 9% 1,043 $1,618 $1.55 $1,496 $ SG 6% 1,159 $1,670 $1.44 $1,483 $1.28 1,391 $1,835 $1.32 $1,537 $ DG 9% 1,391 $1,963 $1.41 $1,690 $1.21 1,429 $1,824 $1.28 $1,533 $ DG 9% 1,429 $1,951 $1.37 $1,661 $ BR - 2 BA - DG 6% 1,563 $1,905 $1. $1,852 $ BR - 2 BA - DG 6% 1,673 $1,880 $1.12 $1,892 $ % 1,188 $1,595 $1.34 $1,456 $ * SG: single garage; DG: double garage

5 COMMUNITY AMENITIES Resort-Style Swimming Pools Heated Spa Fully-Equipped Fitness Center Clubhouse with Cyber Café & Wi-Fi Lounge & Coffee Bar Executive Business Center Playground INTERIOR FEATURES Nine-Foot Ceilings 2 nd Floor Vaulted Ceilings* Bright Bay Windows* Private Patio* 1st-Floor Private Entrance Walk-In Closets Built-In Bookshelves* Dual Vanities* Walk-In Showers* Wood-Burning Fireplace* White Appliances Full-Sized W/D Connections Resurfaced Countertops Carpet Flooring Tile Entryway & Bathroom Attached One or Two-Car Garage* *In select units DFW ECONOMIC OVERVIEW 260,730 Projected new jobs created from 2017 to ,800 New jobs added during the year ending May ,590 Projected population growth from 2017 to 2021 CENTRAL/EAST PLANO APARTMENT MARKET 8.8% Class-A annual rent growth 1Q % Average occupancy $1,386 ($1.49 PSF) One of the highest suburban submarkets Class A avg. rents

6 The Gate $700 Million Wade Park $2 Billion The Centre at Preston Ridge Frisco Station $1.7 Billion Plantation Resort Lake Brook Farms $389,000 Plantation Golf Club $5 Billion Mile Ridgeview Ranch Golf Course The Star in Frisco $1 Billion 1 MSF 4,500 Jobs Highlands Of Russell Park $385,000 Hall Office Park 15 Buildings 2 MSF Stonebriar Country Club Andrews Elementary School A Top Plano ISD School Rice Middle School Highland Ridge $435,000 Cambridge Place At Russell Creek $625,000 Headquarters WESTON The Shops at Legacy MUSTANG ANNA CELINA Taj Grocers Jasper High School Shoal Creek $950,000 KRUGERVILLE ROLAND 289 MELISSA 377 CROSS ROADS Rus sel l Cr eek Tra il The Courses at Watters Creek PROSPER Plano West Senior High School LITTLE ELM Independence Pkwy (16,000 VPD) Forest Creek North $499,000 OAKPOINT OFFER DATE: TBD Twin Creeks Golf Club Fairways Of Ridgeview $398,000 Russell Creek Park AUBREY Watters Creek McDermott Rd (28,000 VPD) Stonebriar Centre 5,000 New Jobs Twin Creeks $535,000 TIMING: All submissions must include specific terms relating PRINCETON to Due Diligence and Closing time periods. ALLEN HICKORY CREEK ADDITIONAL INFORMATION If you have any questions or require additional information, please contact any of the individuals below. THE COLONY HIGHLAND VILLAGE BILL MILLER Senior Managing Director, bmiller@hfflp.com, (469) ROBERTO CASAS Senior Managing Director, rcasas@hfflp.com, (469) ROB KEY Managing Director, rkey@hfflp.com, (469) E BELT LINE ROAD GREG TORO Director, gtoro@hfflp.com, (469) RD For questions regarding debt structures on this property, please contact: 35E BELT LINE ROAD ALEX DE LARREA Analyst, adelarrea@hfflp.com, (214) ANDY SCOTT Senior Managing Director, ascott@hfflp.com, (469) MESQUITE Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities 635 Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity BALCH placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 45For more information please visit hfflp. SPRINGS com or follow HFF on HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to 35E the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their20 own independent investigation and rely on those results. The information contained herein is subject to change One Victory Park 2323 Victory Avenue, Suite 1200 Dallas, TX Telephone: (214) Facsimile: (214)