SPOTLIGHT ON IRVING/LAS COLINAS JUNE 2018 NEW ORLEANS EXCLUSIVE OFFERING SEE BELOW. 39% Two Bedroom. Studio 1 BDR. Unit Type 2 BDR 3 BDR

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1 SPOTLIGHT ON IRVING/LAS COLINAS CENTENNIAL PARK NEW ORLEANS EXCLUSIVE OFFERING SEE BELOW Market Overview 3,036 units of positive net absorption since % average annual effective rent growth since 2013 $ 1,100 average market rent per unit as of Q % Two Bedroom Rental Overview 4% Three Bedroom Inventory Composition 2% Studio 55% One Bedroom 605 units under construction as of Q Studio 1 BDR $826 $898 Unit Type 2 BDR $1,122 Data courtesy of Greysteel Research, CoStar Realty Information, Inc. Survey includes multifamily properties greater than 10 units (43,480 units in aggregate). Fully affordable properties and the following asset types are excluded from the survey: senior, corporate, military and student Greysteel / 1 3 BDR Average Market Rent Per Month $1,435 $0 $500 $1,000 $1,500 $2,000

2 Rent Comparables The report below features a sampling of properties located in the Irving/Las Colinas submarket cluster. Please note the different locations and adjust comparisons accordingly. Jefferson LasCo Bel Air Las Colinas Marabella at Las Colinas Villas de Estancia Rock Island Apartments Property Year Built Occupancy 52% 92% 95% 98% 94% Rental Rates Unit Type Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF 1 BDR $1,567 $2.21 $1,085 $1.18 $1,126 $1.35 $815 $1.06 $925 $ BDR $2,003 $1.79 $1,404 $1.08 $1,399 $1.27 $1,077 $0.92 $1,062 $ BDR $2,591 $1.76 $1,232 $0.88 $1,280 $1.13 Amenities Balcony/Patio Ceiling Fans Dishwasher Fitness Center Pet-Friendly Pool Premium Countertops Premium Flooring Stainless Steel Appliances Walk-in Closets Washer/Dryer Listed properties represent a small cross-sampling of the overall market. Data courtesy of CoStar Realty Information, Inc. CONTINUE TO SALES COMPARABLES 2018 Greysteel / 2

3 Recent Sales The report below features a sampling of properties sold since February 2017 in the Irving/Las Colinas area. Please note that different locations, amenity base, asset vintage, unit sizes and mixes, and other variables contribute to variances in sales metrics, and adjustments to comparisons should be made accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior. SEDONA PARK 4200 W Northgate Dr 3800 ON PORTLAND 3800 Portland St TOWER VILLAGE 1700 E Northgate Dr PEBBLEBROOK 2200 William Brewster Dr AGAVE VILLAS 1115 N O'Connor Rd Property Close Date February 2018 January 2018 August 2017 June 2017 February 2017 No. of Units Year Built / Renovated / /2000 Seller Private Investor Buyer Partnership Out-of-Market Real Estate Out-of-Market Real Estate Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc. CONTINUE TO EXCLUSIVE LISTING 2018 Greysteel / 3

4 Exclusive Listing NEW ORLEANS APARTMENTS Cox Drive, Carrollton, TX Investment Summary Year Built 1962 (Phase I), 1963 (Phase II) Units 68 (1 Non-Revenue) Construction Masonry Total Rentable SF 48,000 Average Unit Size 706 Occupancy (May 2018) 100% Average Market Rent $990 Average Rent Roll Rent $950 For more information about this listing, please contact: DOUG BANERJEE ANDREW MUELLER Senior Substantial Renovations Current ownership recently completed renovations to effectively all units. Unit renovations include upgraded vinyl plank flooring, two-inch faux wood blinds, lighting, fans, outlets, light switches, and new paint. Bathroom renovations include new toilets, vanities, hardware, bathtub tile surrounds, faucets, water supply valves, and door hardware. Several of the units were also upgraded with new doors, cabinets, counters, kitchen backsplashes, and new Kenmore appliances. Turn-Key Asset New Orleans Apartments has undergone a number of exterior improvements including a new roof, guttering system, and window screenings. The well-kept asset with stable historical operations will allow new ownership to capture predictable cash flow with minimal capital expenditures. Strategic Location Proximate to Thoroughfares New Orleans Apartments is located in the Southern region of Carrollton, approximately one mile from historic Downtown Carrollton and the Downtown Green Line DART, a light rail system which connects residents to Uptown Dallas, the Dallas CBD and the Las Colinas Urban Center. In addition to the Green Line, the connecting Orange Line provides direct access to the north entrance of the DFW Airport. Furthermore, the property sits just two blocks east of Interstate 35, a major transportation artery running through the heart of the DFW Metroplex, and three miles north of Interstate Greysteel / 4

5 DFW DALLAS N. Central Expressway, Suite 750 Dallas, TX P F FORT WORTH 500 W. 7th Street, 9th Floor Fort Worth, TX P F New York Los Angeles Dallas Fort Worth Washington D.C. Philadelphia Phoenix Denver Baltimore Norfolk SALES: FINANCE: DOUG BANERJEE BOYAN RADIC ANTON MATTLI Senior Director JOHN MARTINEZ INVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES Andrew Mueller Sr. John Marshall Doss Sr. Daniel Hartnett Ari Firoozabadi** CEO & President Duerk Brewer Chief Operating Officer Yassi Farzaneh Director of Corporate Services Andrew Hanson Jack Stone Mitt Patel Keeley Byer Lead Research Analyst Kristen Singletary Senior Graphic Designer Rebecca Wiley Director of Marketing Clark Musselman Madison Wells Transaction Coordinator * Corporate Headquarters and Transaction Services Center ** For more information or to inquire about Greysteel, please contact Ari Firoozabadi, CEO & President (af@greysteel.com ) Greysteel is licensed in: New York / California / Texas / LL Washington D.C. / RB Pennsylvania / Maryland / Virginia / RB Delaware 2018 Greysteel / 5