4 DISTINCT APARTMENT BRANDS 4 DISTINCT LIFESTYLE CHOICES

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1 C4 USTOMER SERVICE EXCELLENCE #1 IN RESIDENT SATISFACTION 2009, 2010, 2011 & 2012 Ask our clients. REAL ESTATE SINCE DISTINCT APARTMENT BRANDS 4 DISTINCT LIFESTYLE CHOICES FURNISHED RENTALS AVAILABLE IN ALL 4 BRANDS

2 WHO WE ARE Village Green is one of the nation s largest privately held developers and managers of luxury apartment communities and has set the standard for apartment living for nearly 100 years. Over 46,000 units managed with a value of more than $4 billion Seventy-five percent managed for various third party clients: institutional and private Suburban, urban, mid-rise, high-rise and garden style Regional support in major metropolitan markets PROVEN TO OUTPERFORM When choosing a management company, consider the experience, philosophies and proven results of the management team. The success of Village Green is attributed to core values of We Care customer service, resident benefits and providing a Lifestyle for Rent. These values combined with comprehensive support departments and service-minded associates guarantee professional, courteous attention. The way We Care for your asset results in industry best year over year appreciation. Ask our clients. OUR MISSION STATEMENT We are passionate about providing an exceptional rental experience and developing extraordinary apartment communities with complete devotion to pleasing our customers. JONATHAN HOLTZMAN Chairman & Chief Executive Officer

3 WHERE WE ARE & WHERE WE ARE GOING As a hospitality-oriented company, we measure our success based on the results we deliver. Throughout Village Green, we integrate our We Care philosophy and put our customers first to outperform our competitors. In fact, our ability to improve property performance is guaranteed with a management fee structure based on asset performance. With more than 46,000 units, Village Green specializes in catering to a variety of clients. Whether institutional, limited partnerships, developers or private ownership groups, our clients receive the benefits of nearly 100 years of experience, local market knowledge, our aggressive leasing methods and innovative approaches. DETROIT REGIONAL OFFICE Michigan Furnished, Unfurnished, Short-Term Ohioor Long-Term... Village Green is here to serve the lifestyle needs Illinois & of Wisconsin our residents. CINCINNATI REGIONAL OFFICE CHICAGO REGIONAL OFFICE INDIANAPOLIS REGIONAL OFFICE Indiana MINNEAPOLIS REGIONAL OFFICE Minnesota, Iowa & Nebraska DIANE BATAYEH Chief Operating ST. LOUIS Officer REGIONAL OFFICE Missouri DALLAS REGIONAL OFFICE Texas CURRENT MARKETS FUTURE EXPANSION MARKETS PITTSBURGH REGIONAL OFFICE NE Ohio & Pennsylvania (2013) Austin DETROIT REGIONAL Indianapolis OFFICE Michigan Baltimore Kansas City Chicago Minneapolis/St.Paul CINCINNATI REGIONAL OFFICE Cincinnati Ohio New Jersey Columbus Pittsburgh Dallas CHICAGO REGIONAL St. Louis OFFICE Illinois & Wisconsin Detroit/Ann Arbor Grand Rapids INDIANAPOLIS REGIONAL OFFICE Indiana MINNEAPOLIS REGIONAL OFFICE Minnesota, Iowa & Nebraska ST. LOUIS REGIONAL OFFICE Missouri DALLAS REGIONAL OFFICE Texas PITTSBURGH REGIONAL OFFICE (2013) NE Ohio, Massachusetts, New Jersey, Pittsburgh, PA, New York BALTIMORE REGIONAL OFFICE (2014) Philadelphia, PA, Washington D.C., Baltimore, MA TORONTO REGIONAL OFFICE (2014) Boston San Antonio CURRENT MARKETS FUTURE BALTIMORE EXPANSION REGIONAL MARKETS OFFICE Cleveland Des Austin Moines Toronto Washington Boston D.C. (2014) New Jersey, New York, Maryland, Massachusetts & Washington D.C. Houston Baltimore/Washington D.C. Cleveland TORONTO REGIONAL OFFICE Milwaukee/Madison Chicago Des Moines/Quad (2014/2015) Cities Cincinnati Houston New York City/Brooklyn Columbus Milwaukee Omaha Dallas New Jersey Philadelphia Detroit/Ann Arbor New York City/Brooklyn Grand FUTURE Rapids EXPANSION STATES Omaha Indianapolis Philadelphia Kansas City Minneapolis/Saint Paul Pittsburgh St. Louis San Antonio Toronto FUTURE EXPANSION STATES

4 SOCIAL RESPONSIBILITY Green is in our name and in our philosophy. We are committed to an eco-friendly world and set a precedent by being the first multi-family developer in the Midwest to pursue LEED certification. Village Green strives to improve the neighborhoods in and around our communities by participating in various fundraisers. Village Green has raised over $250,000 during our Annual Splash Day Event supporting local charities including: American Red Cross, March of Dimes, Habitat for Humanity, Down Syndrome Association, Autism Society of America, Toys for Tots, The Ronald McDonald House, Make-a-Wish Foundation and more. OUR SERVICES Property Management Communications/Advertising Public Relations Market Analysis Due Diligence Construction Lease-Up Development Asset Management Construction Management Short Term/Long Term Housing Landscape Architecture Visual Merchandising IN-HOUSE EXPERTISE Accounting Facilities Management Risk & Insurance Management Ancillary Income Services Information Technology Internal Auditing Social Media Management Central Purchasing Commercial/Retail Management Training Human Resources/Recruiting Sales and Marketing RESIDENT BENEFITS Village Green Dollars Purchasing Discount Program Home Purchasing Program - Home Purchase Rebates 24-Hour Emergency Service Guarantee Referral Rewards Stars and Stripes Program Resident Link Lifestyle Directors/Concierge OUR PEOPLE Recruitment from Top Colleges Standardized Assessment Testing University of Village Green Training Develop & Promote from Within Hospitality/Sales Background STRATEGIC TOOLS Mobile Leasing / Online Leasing Salesforce.com CRM In-House Unit Turns Lease Expiration Management Mandatory Renter s Insurance Merchandising Price Strategies Integrated Leasing Systems Corporate Outreach ipad Leasing Technology Revenue Management

5 WE DELIVER CLIENT RESULTS Outperforming Operationally for our Renters and Assets REVENUE AND CUSTOMER LOYALTY 4PEAT -- #1 nationally in 2009, 2010, 2011 & 2012 in resident satisfaction Rents and economic occupancies that lead our markets, accomplished in part by reducing bad debt to less than.5%, lowering non-revenue units and concessions Five percent increase in occupancies by offering corporate furnished and unfurnished units to Fortune 2000 clients Over $2 million in annual ancillary income for our third party clients Innovative ideas 1st private company to use mobile site technology. 1st to integrate ipad technology. 1st to implement Salesforce CRM supporting extensive local corporate outreach. Over 1.6 million total visits to our website in 2012, 28% increase from prior year. EFFICIENCY Less than 20% employee turnover (NMHC average 37.1%) a result of our recruiting, hiring, training and alignment of compensation programs Health insurance costs 45% less than the industry through a proactive benefit and wellness strategy Workman s compensation rates at $150 less per employee than national industry rates Lower cost per rental due to maximizing traffic and rentals by utilizing resource tools such as Max Lease and Salesforce Between 5% to 40% savings in supply purchases through our ability to leverage our size, purchasing power, with National contracts Approximately $280k in rebates from material, parts and supplies Five percent rebates from carpet and flooring suppliers, Shaw Industries Whirlpool appliance best pricing largest multi-family purchaser in the Midwest Reduced turnover expenses through in-house completions and separating labor from material costs Property insurance at 63% less than NMHC average, $10,000 property deductible and guaranteed cost liability due to aggressive in-house claims management Cost effective renovations through in-house construction company Design quality interiors purchased at discounted rates through in-house Visual Merchandiser Mandatory renter s insurance resulting in $200,000 in loss recovery Asset appreciation created through: landscape design plans, capital improvement recommendations, value added enhancements and interior design/merchandising plans Outperforming Financially for our Clients APPRECIATION Cash flow appreciation OUTPERFORM your market RETURNS Net rental income OUTPERFORM your market Net operating income OUTPERFORM your market Let us analyze your asset and provide OUTPERFORM objectives for your market.

6 AWARDS & RECOGNITION C4 USTOMER SERVICE EXCELLENCE #1 IN RESIDENT SATISFACTION 2009, 2010, 2011 & 2012 CEL & Associates 2009, 2010, 2011 & 2012 National Multifamily Customer Service Award for Excellence MULTI-HOUSING NEWS 2012 Development Company of the Year CRAIN'S DETROIT BUSINESS 2012 Finalist for Healthiest Employer NAHB MULTIFAMILY PILLARS OF THE INDUSTRY 2013 Property Management Company of the Year Finalist / Village Green 2013 Best High-Rise Finalist / Randolph Tower City Apartments 2013 Best Adaptive Reuse Finalist / Randolph Tower City Apartments 2012 Property Management Company of the Year Finalist / Village Green 2012 Best Corporate Website Finalist / Village Green 2011 Finalist for Multifamily Property Management Company of the Year / Village Green 2010 Property Management Company of the Year Finalist / Village Green Indiana Apartment Association 2013 Management Company of the Year / Village Green MultiFamily Executive 2013 Best Adaptive Reuse / Randolph Tower City Apartments 2011 Project of the Year/Green, Grand Prize Winner / Mill District City Apartments 2011 Top 50 Multifamily Manager 25th 2011 Project of the Year/Mid-Rise, Merit Winner / Mill District City Apartments 2010 Top 50 Multifamily Manager 29th 2009 Adaptive Reuse Award / Eitel Building City Apartments american institute of architects (AIA) illinois louis sullivan award 2013 Randolph Tower City Apartments chicago landmarks preservation excellence award 2013 Randolph Tower City Apartments friends of downtown chicago best preservation effort 2013 Randolph Tower City Apartments BEST IN AMERICAN LIVING AWARD 2009 Best Rental Development / Eitel Building City Apartments NATIONAL MULTI -HOUSING COUNCIL AWARD 2010 Top 5 Rated Apartments in America / The Streeter and MDA City Apartments

7 AWARDS & RECOGNITION CONT. DETROIT METROPOLITAN APARTMENT ASSOCIATION (PRISM AWARD) 2013 Best Model / Village Park of Royal Oak 2013 Best Marketing / Detroit City Apartments 2013 Best One Bedroom Floor Plan / Village Green of Canton 2013 Best Two Bedroom Floor Plan / Village Green of Rochester 2012 Best One Bedroom Floor Plan / Village Green of Canton & Village Green of Rochester Hills 2012 Best Two Bedroom Floor Plan / Pendleton Park 2012 Best Renovated Community / Detroit City Apartments 2011 Best One Bedroom Floor Plan / Village Green of Canton 2011 Best Two Bedroom Floor Plan / Village Green of Farmington Hills 2010 Management Company of the Year (Village Green) 2010 Best Website GLASTAR - GREAT LAKES AREA STAR AWARDS 2011 Village Green of Rochester - Best Curb Appeal 2011 Village Green of Canton - Best One Bedroom Floorplan 2011 Village Green of Farmington Hills - Best Two Bedroom Floorplan 2010 Village Green Townhomes - Best Leasing Office *The GLAStar Awards put on by PHAM - Property Management Association of Michigan CAMME AWARDS 2012 Best Professional Leasing Garden Apartment / Grand Reserve of Naperville 2011 Eugenie Terrace, Best Studio Model (built before January, 2008) 2011 Eugenie Terrace, Best One Bedroom Model (built before January, 2008) 2011 Eugenie Terrace, Best Property Marketing (Print) 2010 Village Green at Arlington Club, Curb Appeal Garden 2010 Cobbler Square Loft Apartments, Renovation Unit ST. LOUIS APARTMENT ASSOCIATION 2012 Property Management Company of the Year (1st Runner Up) 2012 Corporate Employee of the Year 2010 Corporate Employee of the Year 2010 Maintenance Supervisor of the Year 2010 Maintenance Technician of the Year FAIR HOUSING CENTER OF METROPOLITAN DETROIT 2010 Fair Housing Leadership Award NMHC'S 50 LARGEST U.S. APARTMENT MANAGERS 2013 Top 50 Apartment Management Ranked 28th 2012 Top 50 Apartment Management Ranked 28th 2011 Top 50 Apartment Management Ranked 25th 2010 Top 50 Apartment Management Ranked 25th apartment ratings.com top rated award 2013 Detroit City Apartments 2013 Country Oaks 2013 Village Green of Schaumburg 2013 Grand Reserve of Naperville 2013 Village Green at Arlington Club 2013 Village Green of Belleville 2013 River Hill Townhomes

8 BRANDS WHO HELP US OUTPERFORM National contracts assure the highest quality at the best prices, reducing cost by 10% or more. AUM Bader Comapny BCBS BeniComp Callsource Closetmaid Dell Direct Fitness Solutions Formica GE Glidden HD Supply ICI Kohler/Sterling Kwikset Lennox Leslie Pool and Supply MRI Northern Contours Property Solutions RealPage Rubbermaid Shaw Staples VaultWare Whirlpool Yardi Yieldstar CLIENTS WE ARE PRIVILEGED TO SERVE Abacus Capital Group The Ackerberg Group Alan Gottlieb American Village Properties, LLC Avgeris and Associates Bill Brisben BlackRock Realty Bluerock Capital Associates Capri Capital Partners Capture Associates Carter Cathedral Church of St. Paul City of St. Paul The Dawson Company Delta Manor Doug Weissman Family Partners E2M Partners, LLC Edgewood Capital Embassy Group LLC Equity Investments Fannie Mae First American Properties, LLC First Martin Corporation Heitman Henderson Global Investors Holtzman Equities & Interests Huntleigh Securities Hunt Investments Intercontinental Real Estate Corporation Kenard Corp. L3C Capital Partners, LLC LaSalle Investment Management Levin Realty Advisors, LLC Lexington Homes Marc Realty Max Kendall The Mayerson Company Oak Residential Partners, LLC PNC Realty Investors, Inc. Premier Realty Royal Imperial Group STL Apartments Seyburn, Kahn, Ginn, Bess & Serlin, P.C. Spyglass Capital, LLC The State Teachers Retirement System of Ohio Surrey Park Investors, LLC Tate Enterprises UBS Realty Advisors, LLC University of Cincinnati Virtu Investments

9 Ask our clients. REAL ESTATE SINCE 1919 CLIENT COMMENTS We hired Village Green in 2010 to manage our first property acquisition, a distressed turn-around opportunity that required an intense hands-on approach. We have been thoroughly impressed and the results speak for themselves. Within one year of acquisition, they had invested over $600,000 of capital into 16 major projects, increased occupancy, brought concessions and delinquencies in line, and started growing rents again. Rental revenue increased 28% from acquisition and, even more meaningful, was 10% ahead of our acquisition budget. Village Green has been a value-add for the property as well as Oak Residential and we look forward to working together in the future on more exciting opportunities. RICK WISE MANAGING PRINCIPAL OAK RESIDENTIAL PARTNERS, LLC From the interview selection process, through the entire lease up and as we move into stabilization, I could not be more pleased with every individual I have worked with at Village Green at the Banks. From the property manager to the senior vice president, I have been impressed with everyone s professionalism, follow through and extremely positive attitude. As we begin to embark on our next project in Columbus Commons, there was no other choice in our minds but to engage Village Green from the beginning. They have been able to provide us with invaluable information market data and feedback on construction plans from unit layout to interior finishes. We value our relationship with Village Green and think of them as an extension of our team. LAURA SWADEL VICE PRESIDENT CARTER Village Green brings a history of success with similar type value-added assets. Its results-oriented culture aligns well with L3C s focus on excellence and execution. CHAIM KIFFEL PRINCIPAL L3C CAPITAL PARTNERS

10 CONTACT US At Village Green, we develop and manage our own assets with a relentless drive for industry best quality, returns and appreciation. We take the very same approach with the same team and resources to bring industry best results to our clients. Let us analyze your asset and provide OUTPERFORM objectives for your market. IAN BINGHAM VICE PRESIDENT OF BUSINESS DEVELOPMENT & CLIENT RELATIONS For more information on how we can serve you, contact: VILLAGE GREEN 343 S. DEARBORN, SUITE 203, CHICAGO, IL P F IBINGHAM@VILLAGEGREEN.COM EXPLORE VILLAGEGREEN.COM