130 units of positive net absorption in 2017 despite 5% of total inventory delivering in 2016

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1 SPOTLIGHT ON TCU/CLEARFORK/RIDGLEA HILLS MULTIFAMILY Amon G. Carter Texas Christian University University Drive Portfolio Available Soon See Below Market Overview 130 units of positive net absorption in 2017 despite 5% of total inventory delivering in % annual increase in asking rental rate since the third quarter of 2016 $ 1.14 average effective rent per square foot in the TCU/Clearfork/Ridglea Hills submarket cluster 3,221 units have transacted over the last 12 months, a 56.5% increase over the prior period 39% Two Bedroom Studio 1 BDR 2 BDR 3 BDR Rental Overview 8% Three Bedroom Inventory Composition $724 $818 3% Studio $1,051 51% One Bedroom $1,327 Survey includes multifamily properties with greater than 4 units. Affordable properties are excluded from the analysis. In an effort to identify and eliminate out-of-date data, properties with rents one standard deviation below the mean (for any respective floor plan) were removed from the analysis. Average Per Month 2017 Greysteel / 1

2 Rent Comparables The report below features a sampling of properties located in the TCU/Clearfork/Ridglea Hills submarket cluster. Please note the different locations and adjust comparisons accordingly. RiverVue 3400 Bryant Irving Road 4000 Hulen 4000 Hulen Street Studio $1,098 One Bedroom $1,299 Two Bedroom $2,030 One Bedroom $1,206 Two Bedroom $1,631 Three Bedroom $2,066 River Park 3309 River Park Drive Hillstone Trinity Oaks 5608 Royal Lane One Bedroom $1,081 Two Bedroom $1,148 One Bedroom $639 Two Bedroom $816 Three Bedroom $1,100 Valley View 6037 Westridge Lane El Jardin 3223 Lackland Road One Bedroom $695 Two Bedroom $841 Three Bedroom $1,130 One Bedroom $816 Two Bedroom $1,096 Three Bedroom $1,409 Unit & Amenities Property RiverVue 4000 Hulen River Park Hillstone Trinity Oaks Valley View El Jardin Year Built Occupancy 2016 Lease-up % % % % % Balcony/Patio Ceiling Fans Dishwasher Fireplace Premium Countertops Premium Flooring Stainless Steel Appliances Washer/Dryer or Hookups Listed properties represent a small cross-sampling of the overall market. CONTINUE TO RECENT SALES 2017 Greysteel / 2

3 Recent Sales The report below features a sampling of properties sold since September 2016 in the TCU/Clearfork/Ridglea Hills 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. El Ranchito 4000 Hulen Normandale Place Meadow Ridge Barclay Apartments Loft Vue Property Close Date September 2017 August 2017 July 2017 June 2017 November 2016 September 2016 No. of Units Year Built/ Renovated / Seller Local Investment Management Firm Local Investment Management Firm Buyer National Real Estate Listed properties represent a small cross-sampling of the overall market. CONTINUE TO EXCLUSIVE LISTING 2017 Greysteel / 3

4 Exclusive Listing Available Soon - UNIVERSITY DRIVE PORTFOLIO 3220, 3224, 3226, 3228, 3232, 3236, 3240, 3246, 3248 S. University Drive, Fort Worth Under Contract - TRAVIS GARDENS 2901 Travis Avenue, Fort Worth, TX For more information about these listings, please contact Andrew Mueller, Senior Investment Associate (amueller@greysteel.com ) 2017 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 Phoenix Los Angeles Denver Washington, D.C.* Baltimore New York Philadelphia Dallas Fort Worth Norfolk SALES: BOYAN RADIC Managing Director DOUG BANERJEE Managing Director FINANCE: ANTON MATTLI Senior Director INVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES Andrew Mueller Sr. Investment Associate John Marshall Doss Sr. Finance Associate Ari Firoozabadi** CEO & President Duerk Brewer Chief Operating Officer Yassi Farzaneh Director of Corporate Services Rebecca Wiley Director of Marketing Andrew Hanson Investment Associate Daniel Hartnett Finance Associate Jared Emery Lead Research Analyst Ryan Hill Senior Research Analyst Anne Elizabeth Martin Sr. Transaction Coordinator Suki Uyangodage Designer * 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: California / LL Washington D.C. / Maryland / RB Pennsylvania / Texas / Virginia / RB Delaware / New York 2017 Greysteel / 5