Exclusively Presented By: Capital Markets Multi-Housing Group

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1 A 606-unit CLASS A apartment home community Located in AUSTIN, texas Exclusively Presented By: Capital Markets Multi-Housing Group

2 Investment Summary Price/Terms: Price to be determined by the market. Property is available on a cash basis or via an assumable loan. Property: Northland at StoneHollow Address: Stonehollow Drive Austin, Texas Website: Year Completed: 1996 Occupancy: 96.7% Number of Units: 606 units Net Rentable Area: 524,660 square feet Average Sq. Ft.: 866 square feet Land Area/Density: +/- 36 acres; +/- 17 units per acre Buildings: 1 Leasing/Clubhouse/Business Center 1 Fitness Center/Media Room 4 Clothes Care Centers 28 three-story residential buildings Parking: 170 direct access garages 72 detached garages 124 covered parking spaces 28 handicapped spaces 632 surface spaces 1,026 total spaces (1.69 spaces per home) NORTHLAND AT STONEHOLLOW - INVESTMENT HIGHLIGHTS Core Location Northwest Austin Community Developed in Northland at Stonehollow was originally developed in 1996 and remains one of the highest profile and well-regarded multifamily communities in the Austin MSA. Meticulously crafted, this community of 606 apartment homes has the quality features, floor plans and amenities to keep the property competitive with recent construction Class A communities in the market, and a core location that is superior to the new garden style development occurring on the periphery of the metro area. Quality Construction and Custom Features. With classic Mediterranean styling, Northland at Stonehollow is nestled amongst the native Austin Hill Country terrain. Exterior elevations are crafted of rustic stucco and hardi plank siding, and the Leasing Center/Clubroom and Recreation/Fitness Center are further accented with native limestone and tile roofs. Spacious one, two and three bedroom floor plans feature such custom home amenities as nine foot ceilings with crown molding, fully-equipped kitchens with maple cabinetry, fireplaces with travertine mantels, and oversized oval garden tubs. Many floor plans feature modern open kitchen layouts with serving bars. Other conveniences include full size washer/dryer connections in all units, private outside storage, and individual intrusion alarms. Direct access and detached garages are available as well as assigned covered parking. Prime Value-Add Opportunity. A program of unit interior upgrades would elevate the status of this unique well located community. Approximately ten units at the property have been upgraded with faux wood vinyl floors, showing upgrade potential for the future owner. A renovation package consisting of faux wood floors, appliances, brushed nickel fixtures, countertops, new cabinet faces and two inch blinds would potentially generate an approximately 24% return on cost in this infill location within walking distance to major employers. Nearby new generation properties in the Domain are generating rents of approximately $1.60 per square foot, which are nearly $0.50 greater than current rents at Northland at Stonehollow. Similar generation upgraded properties in the area are currently renting between approximately $1.20 and $1.30 per square foot, which is in line with the proposed Northland at Stonehollow upgraded rental rates. Many Austin area properties have experienced success through the addition of attached gated yards, and the spacious grounds of Northland at Stonehollow make the property a prime candidate for these additions. Well maintained exteriors at Northland at Stonehollow will allow new owners to focus their efforts to increase rents via interior improvements. Recent operations have been extremely strong at the property, with occupancy consistently running in the mid-high 90 s and lease renewals generating average rent increases of over 6%. Beautiful Native Greenbelt Site and Resort-Style Amenities. With towering trees and mature landscaping, Northland at Stonehollow is secluded on a 36 acre site that has amenities and ambiance that set the property apart from area competitors. Three luxurious pools with sun decks overlook the native greenbelt terrain. An attractive leasing center and clubroom feature an expansive business and conference center that is an important amenity for the entrepreneurial and technology centric resident base who work at nearby employer campuses. A spacious freestanding recreation and fitness center serves an active resident lifestyle with state-of-the-art fitness and cardio equipment, locker rooms, and a private media room. Signature Visibility and Convenient Access to Major Employers and Upscale Retail. Located just east of the intersection of Loop 1 North (MoPac Expressway) and Duval Road, Northland at Stonehollow has unrivaled convenience and access to the technology employers and upscale retail centers that are centered in this premier destination corridor. With outstanding visibility and frontage on Metric Drive and Gracy Farms Lane, major arterials that traverse this infill neighborhood, Northland at Stonehollow has a proven history of qualified leasing traffic, high occupancy, and low marketing expenses. Residents can walk to the 6,240 employee campus of IBM, and the campuses of National Instruments, Time Warner Cable, and St. David s North Austin Medical Center are also within a five minute commute. The Parmer Lane corridor, located just north of the property, provides residents with convenient access to major tech employers including E-Bay/Paypal, Apple s Austin Campus, and GM s IT center. The community is also adjacent to the Northridge campus of Austin Community College, the largest campus of the Austin Community College system with a Fall 2012 enrollment of nearly 10,000 students. The nearby Harmony School of Science, a college-prep charter school, and the Le Cordon Bleu culinary school are additional rental drivers at the property. The Domain lifestyle mall, anchored by Nieman Marcus and an array of luxury retailers, is also within five minutes of the property. Whole Foods Market, scheduled to open in late 2013, is the latest addition to Austin s premier retail venue. Exceptional Community in Barrier-to-Entry Location. Apartment home occupancy in the competing submarket currently averages 96% with average Class A rental rates of $1.09 per square foot. With the only competing development restricted by land cost to urban mid-rise design requiring rents of approximately $1.75 per square foot, Northland at Stonehollow s value-add potential provides a unique opportunity to outperform in the continually solid Austin market.

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4 LOAN SUMMARY Lender Freddie Mac Originator CBRE Closing Date July 14, 2011 Loan Amount $35,455,000 Loan Type Fixed Rate Interest Rate 3.71% Term 5 Years Amortization 30 Years Interest Only 1 Year I/O 1st Principal & Interest Payment September 1, 2012 Payment $163, Current Loan Balance (Sept-13) $34,742,758 Loan Maturity August 1, 2016 APARTMENT RESIDENCE FEATURES Eight spacious and unique one, two and three bedroom floor plans Designer kitchens with maple cabinetry, breakfast bars, frost free refrigerators with ice makers, microwaves, double stainless sinks, and pantries Formal dining areas with mirrored walls Quarry tile entries Nine foot ceilings with crown molding Vaulted living areas in third floor residences Wood-burning fireplaces with custom travertine mantels* Ceiling fans in all living areas and bedrooms Plant shelves* Raised six-panel doors Coat closets Full size washer/dryer connections Oversized oval garden tubs Separate walk-in shower* Dual vanity sinks* Linen closets Walk-in closets Spacious patios/balconies Outside storage closets Audible intrusion alarms (optional monitoring) * In select units COMMUNITY AMENITIES Elegant Leasing Center and Clubroom Resident Business Center and Conference Room Freestanding Fitness and Recreation Center with lockers and saunas Cardio center Media center and theater room Three luxurious swimming pools Four clothes care centers Direct access garages with remote openers available Covered parking available Greenbelt views in select units Controlled access gates UNIT MIX Type Units Size Total SF Market Rent Rent/ SF Monthly Rent Annual Rent ,344 $818 $1.36 $58,890 $706, ,400 $838 $1.29 $80,440 $965, ,880 $892 $1.20 $99,850 $1,198, ,280 $913 $1.09 $54,760 $657, Den ,840 $934 $1.02 $65,410 $784, , ,108 $1,062 $0.99 $140,220 $1,682, ,209 48,360 $1,128 $0.93 $45,110 $541, ,352 32,448 $1,372 $1.01 $32,920 $395,041 Ttl./ Avg ,660 $953 $1.10 $577,600 $6,931,201

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6 Core Location Northwest Austin Apartment Community Completed in 1996 Class A Community with 606 Units on an Urban Greenbelt Site Signature Drive-By Visibility and Strategic Access to Austin MSA Walking Distance to IBM and Adjacent to Austin Community College Minutes to The Domain and Arboretum Retail Centers Exceptional Value-Add Opportunity in Barrier-to-Entry Location Available on a Cash or Assumable Loan Basis Northland at StoneHollow Apartments is 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 or signed online at or 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 F: charles cirar Vice Chairman charles.cirar@cbre.com P: C: MICHAEL WARDLAW Associate michael.wardlaw@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