SAN ANTONIO CLASS A 480-unit APARTMENT PORTFOLIO

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1 SAN ANTONIO CLASS A 480-unit APARTMENT PORTFOLIO LA HACIENDA 204 units THE VILLAGES at BOWENS CROSSING 276 units AVAILABLE ON A PORTFOLIO OR INDIVIDUAL BASIS Exclusively Presented By: Capital Markets Multi-Housing Group

2 Investment Summary Price: Terms: Property: Address: Year Completed: 2007 Unit Occupancy: 99.5% Number of Units: Net Rentable Area: TO BE DETERMINED BY THE MARKET Available via an Assumable Loan La Hacienda 3903 SE Military Drive San Antonio, Texas units 189,084 square feet Average Unit Sq. Ft.: 927 square feet Land Area/Density: Buildings: +/ acres; +/ units/acre 1 Leasing Center/Business Center/Fitness Center 11 two and three-story residential buildings LA HACIENDA - INVESTMENT HIGHLIGHTS Desirable 2007 Construction Class A Community: La Hacienda is a Class A community located in southeast San Antonio inside Loop 410 on Southeast Military Drive. Completed in 2007, the property consists of 204 well-appointed units along with a full complement of amenities and unit features. La Hacienda fills a niche as one of only two recent construction conventional properties that serve San Antonio s Southeast and South Central submarkets. La Hacienda s extremely strong leasing history with aggressive rental rates and strong occupancy proves that the property has brought a desirable living environment to an area with a strong demand for Class A homes. The depth of the leasing market is evidenced by the fact that La Hacienda maintained occupancy levels of nearly 100% throughout the now completed lease-up of a new 300 unit development within two miles of the property. The property s unique status keeps the mix of 1, 2 and 3 bedroom floor plans averaging 927 square feet in constant demand. Quality Construction with Attractive Features: La Hacienda appeals to a variety of renters with a selection of one-, two- and three bedroom apartments. The four spacious floor plans range in size from 734 to 1,150 square feet, with an average size of 927 square feet. The distinctive stone columns, stucco exteriors, and hacienda roof-line additions create a timeless traditional exterior. All of the well-appointed apartment units feature full-size washer/dryer connections, GE kitchen appliances including built-in microwave ovens and refrigerators with ice makers, ceiling fans in each bedroom, French patio doors, alarm systems, and large walk-in closets. Approximately 14% of the homes have newly installed faux wood vinyl in the entries, kitchens and baths. The upgraded units have been extremely well received and generate a $35 monthly rental premium. Appealing Amenity Package: The property offers residents a sparkling swimming pool with new pool furniture, an elegant clubhouse with a full-service business center, a state-of-the-art fitness center, and a laundry center. Recent upgrades include the addition of an outdoor kitchen, a dog park, additional picnic area, and a billiards room. Additional amenities include covered parking, controlled-entry access gates, valet trash service, and excellent access to Interstate 37 and Loop 410. Residents have a short 10 minute drive to downtown, while being afforded convenient access to the impressive growth of South San Antonio. Surrounded by Diverse Economic Growth: The schools and businesses of Southeast San Antonio provide La Hacienda with a diverse renter pool that has enormous potential for additional growth. Brooks City-Base comprises approximately 1,250 acres, with over 300 acres available for immediate development. City-Base, located less than five minutes from La Hacienda, is the result of the redevelopment of the closed Brooks Air Force Base. Over two million square feet of laboratory and office space, light industrial facilities and recreation/fitness areas exist onsite. Mission Trail Baptist Hospital, a 110 bed facility located at Brooks City Base, opened summer Major Brooks City Base employers include Nexolon America 400 employees and VMC Consulting 900 employees. Texas A&M University-San Antonio, with classrooms located at Brooks City Base, had a fall 2012 enrollment of approximately 4,133 students, and projects an increase in enrollment to 25,000 students by Conveniently Located Near the Highly Successful City Base Landing Retail Development: City Base Landing, completed in 2005, is a retail center that boasts more than half a million square feet of space and is located on the grounds of Brooks City-Base. City Base Landing is located less than a mile from La Hacienda, and anchor tenants include an HEB Grocery, Target, Wal-Mart, and Home Depot. City Base West, a new retail development located across from City Base Landing, recently completed construction on the 145,000 square foot Phase I. The project will add an additional 100,000 square feet of retail space to the market once fully developed. Projects like City Base Landing have helped to transform the Southeast San Antonio neighborhood and have created a significantly more dynamic market. The Eagle Ford Shale Drives The South Texas Economy: Development of the Eagle Ford shale, a vast oil and gas region surrounding San Antonio, shows promise of being the most important economic generator South Texas ever has seen. In 2012 the Eagle Ford Shale made a $61 billion economic impact in a 20-county area, including providing more than 116,000 full-time jobs, according to a University of Texas at San Antonio study. By 2022 the impact in the 20-county area could produce about 127,000 full-time jobs, the study states. According to a report released by the Wood Mackenzie firm in early January, Eagle Ford is now the largest oil and gas development on the face of the earth based on total capital expenditures. Recent major employment announcements include Platinum Energy Solutions plans to hire up to 200 people at a complex in the Braunig Industrial Park, just 10 minutes from La Hacienda. Nearby, oilfield-services giant Halliburton is building a 1,500-employee complex, and a similar Baker Hughes facility will employ 500.

3 Investment Summary Price: TO BE DETERMINED BY THE MARKET Terms: Available via an Assumable Loan Property: The Villages at Bowens Crossing Address: 8711 Bowens Crossing San Antonio, Texas Year Completed: 2006 Unit Occupancy: 97% Number of Units: 276 units Net Rentable Area: 222,108 square feet Average Unit Sq. Ft.: 805 square feet Land Area/Density: +/ acres; +/ units/acre Buildings: 1 Leasing Center/Business Center 1 Fitness Center/Laundry Center 15 three-story residential buildings THE VILLAGES AT BOWENS CROSSING - INVESTMENT HIGHLIGHTS Attractive Class A Community Constructed in 2006: The Villages at Bowens Crossing is a Class A community located in northwest San Antonio on Loop 1604 near the master-planned Westover Hills development. Completed in 2006, the property consists of 276 well-appointed units along with a full complement of amenities and unit features. With its proximity to major employers and high quality retail in fast growing northwest San Antonio, The Villages at Bowens Crossing offers the investor future long-term value appreciation at an attractive price point. Quality Construction with Value Add Potential: The Villages at Bowens Crossing appeals to a range of renters with a selection of one, two, and three bedroom apartments. The five efficient floor plans range in size from 587 to 1,181 square feet, with an average size of 805 square feet. All of the well-appointed apartment units feature GE kitchen appliances including built-in microwave ovens, ceiling fans in each bedroom, French patio doors, large walk-in closets, and full-size washer/dryer connections in patio storage closets. An upgrade program consisting of faux wood flooring and new cabinet faces would significantly elevate the character of the unit interiors. Property exteriors consist of recently painted hardi-siding, stucco, and natural stone. Full Amenity Package: The property offers residents a resort-style swimming pool with an outdoor picnic area, an attractive clubhouse with a fullservice business center and rentable great room, modern fitness center, an outdoor basketball court, and a laundry center. Additional amenities include covered parking, picnic areas with barbecue grills and controlled-entry access gates. Recent additions to the amenity package include an outdoor kitchen, new pool furniture, laundry center upgrade, and a dog park. The Villages at Bowens Crossing provides renters an appealing recently constructed property at a rental rate below competitive newly built developments. Fast Growing Location: Strategically positioned in a submarket that has experienced impressive growth in both local jobs and retail development, The Villages at Bowens Crossing has excellent visibility from Loop 1604 with traffic counts of over 80,000 vehicles per day. Traffic counts are projected by TxDOT to increase to 158,400 by The property is zoned to desirable Northside ISD schools, and Brauchle Elementary is located within walking distance. Additionally, Northwest Vista College, with nearly 16,000 students, is located minutes from the property on Loop Northwest Vista has experienced explosive growth increasing enrollment from 2,500 students in 1999, the college s first full year of operations. High Quality Retail Developments: Residents have convenient access to multiple retail developments including Bandera Pointe, Alamo Ranch, and the Shops at Culebra. Bandera Pointe, with anchor tenants including HEB Grocery, Super Target, Lowes and Kohl s, is located east of the property at Bandera and The Loop 1604 and Culebra intersection includes the Alamo Ranch and Shops at Culebra regional retail developments. The shopping centers total over one million square feet, and include retailers such as Wal-Mart Supercenter, HEB Grocery, Target, Best Buy, Dicks Sporting Goods, and Home Depot. Santikos theater group plans to build its eighth cinema in the Alamo City on 45 acres it recently purchased at Loop 1604 and Alamo Ranch Parkway. Santikos expects construction on the 16-screen theater to be complete by summer Conveniently Located Near Westover Hills in Northwest San Antonio: Strategically bordered by San Antonio s inner Loop 410 and outer Loop 1604, and bisected by the SH-151 (Stotzer Freeway), Westover Hills has become the city s third largest employment district in less than a decade. The area is home to a roster of high-profile companies that include JPMorgan Chase, Citibank, Microsoft, Wells Fargo, Christus Santa Rosa Hospital, and the National Security Agency. Westover Hills has become a major data and call center hub over the last few years, with recent new employers including Nationwide Insurance and Kohl s. The hospitality sector is a major employment driver for the area, with destinations including The Hyatt Hill Country Resort and Spa, The Hilton San Antonio Hill Country Hotel and Spa, and SeaWorld. The Villages at Bowens Crossing residents are within a ten minute commute to the fast growing employment base in Westover Hills. Emerging Medical Center: Christus Santa Rosa Hospital Westover Hills is the first acute-care hospital in this fast growing community. The 150- bed hospital is part of a full-service health care campus with state-of-the-art technology offering a full scope of specialized services. Complementing the comprehensive medical services offered at the hospital are two medical office buildings, housing more than 45 physician offices. Strong Multifamily Submarket: The Villages at Bowens Crossing fills the need for high quality housing at a reasonable price point along the Northwest corner of Loop The Far West multifamily submarket is one of the fastest growing regions in San Antonio. Class A assets are 93% percent occupied with rents of $1.05 per square foot, as of Q The Far West submarket has experienced solid demand across all property classes, with average occupancy at 92.4%.

4 Loan Summary Type: Freddie Mac Origination Date: October-11 Term: 10 Years Initial Loan Amount: $10,078,000 Fixed Interest Rate: 4.19% Interest Only: 3 Years - thru November 2014 Potential Supplemental Loan Initial Loan Amount: $3,650,000 Rate: 5.47% Potential Blended Loan Assumption + Supplemental Potential Total Loan Amount: $13,728,000 Blended Rate: 4.53% Loan Summary Type: Freddie Mac Origination Date: October-11 Term: 10 Years Initial Loan Amount: $13,202,000 Fixed Interest Rate: 4.28% Interest Only: 3 Years - thru November 2014 Potential Supplemental Loan Initial Loan Amount: $1,450,000 Rate: 5.55% Potential Blended Loan Assumption + Supplemental Potential Total Loan Amount: $14,652,000 Blended Rate: 4.41% UNIT MIX Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent ,232 $868 $1.18 $41,645 $499, ,860 $1,018 $1.16 $61,065 $732, ,792 $1,068 $1.12 $51,247 $614, ,150 55,200 $1,269 $1.10 $60,895 $730,730 Ttl./ Avg ,084 $1,054 $1.14 $214,852 $2,578,224 UNIT MIX Market Rent/ Monthly Type Units Size Total SF Rent SF Rent Annual Rent ,308 $659 $1.12 $55,396 $664, ,232 $802 $1.09 $38,472 $461, ,432 $872 $0.99 $62,768 $753, ,792 $950 $1.00 $45,592 $547, ,181 28,344 $1,164 $0.99 $27,936 $335,232 Ttl./ Avg ,108 $834 $1.04 $230,164 $2,761,968 APARTMENT RESIDENCE FEATURES Spacious one, two and three bedroom floor plans Kitchens include microwave ovens, dishwashers, disposals, frostfree refrigerators with ice makers and breakfast bars Pantries Separate dining areas Nine foot ceilings Ceiling fans with light packs in bedrooms Walk-in closets Linen closets* Computer niches/alcoves* Faux wood flooring in 28 1st floor units Full size washer/dryer connections in all units Intrusion alarms Private patios/balconies* Outside storage* * In select units COMMUNITY AMENITIES Spacious Leasing Center/Clubhouse with Wi-Fi, Gourmet Coffee Bar and Business Center Billiards Room Resort-Style Swimming Pool with new pool furniture 24-Hour Fitness Center Clothes Care Center Outdoor Kitchen, Picnic Areas with Barbecue Grills Dog Park and Pet Stations Car Care Area Covered parking available Gated community APARTMENT RESIDENCE FEATURES Spacious one, two and three bedroom floor plans Kitchens include microwave ovens, dishwashers, disposals, frostfree refrigerators with ice makers, double stainless steel sinks and breakfast bars Pantries Separate dining areas Nine foot ceilings French patio doors Mini blinds Built-in computer niches with shelving* Ceiling fans with light packages in bedrooms Walk-in closets Linen closets* Coat closets Full size washer/dryer connections in all units Private patios/balconies Outside storage * In select units COMMUNITY AMENITIES Spacious Leasing Center/Clubhouse with Coffee Cafe Wi-Fi hot spot Tropical Resort-Style Swimming Pool with waterfalls 24-Hour Business Center 24-Hour Fitness Center Outdoor Sport Court 24-hour Clothes Care Center Gazebo Picnic/Barbecue Area Covered parking available Gated community

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6 Class A 480-Unit Portfolio Built in 2006/2007 High Growth San Antonio Submarkets Solid Current Operations with Strong Rent Growth Trends Available on a Portfolio or Individual Basis Available via Attractive Assumable Loans with Potential Supplementals La Hacienda and The Villages at Bowens Crossing are being offered for sale on an exclusive basis by CBRE, Inc. All prospective purchasers who would like to receive a complete sales package should execute the Confidentiality/Registration Form which can be downloaded at or can be ed or faxed to you by contacting Darcy Hammar at darcy. hammar@cbre.com or calling For more information, please contact: CBRE, Inc. 100 Congress Avenue, Suite 500 Austin, Texas Fax: charles cirar Vice Chairman charles.cirar@cbre.com P: C: MICHAEL WARDLAW Associate michael.wardlaw@cbre.com P: RYAN EPSTEIN Senior Vice President ryan.epstein@cbre.com P: C: COLIN CANNATA Analyst colin.cannata@cbre.com P: Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. CBRE, INC., Printed in USA