FURNISHED RENTALS AVAILABLE IN ALL 4 BRANDS 1/15

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1 FURNISHED RENTALS AVAILABLE IN ALL BRANDS 1/1

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,000 units managed with a value of more than $. billion Seventy-five percent managed for various third party clients Suburban, urban, 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 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 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 Passionately creating and delivering a unique and exceptional lifestyle for rent with complete devotion to pleasing you; our residents, associates and clients. JONATHAN HOLTZMAN Chairman and Chief Executive Officer

3 STRATEGIC LOCATIONS As a hospitality company, we measure our success on the satisfaction of our clients. Our We Care philosophy puts our customers first and allows us to outperform our competitors. In fact, our ability to improve property performance is guaranteed with a management fee structure based on performance. With more than 0,000 units, Village Green specializes in catering to a variety of clients. Whether institutional, limited partnerships, developers or private ownership groups, our clients receive the benefit of nearly 100 years of experience, local market knowledge, and our innovative leasing methods Furnished, Unfurnished, Short-Term or Long-Term... Village Green is here to serve the lifestyle needs of our residents. DIANE BATAYEH President and Chief Operating Officer REGIONAL OFFICES ADDITIONAL MARKETS FUTURE EXPANSION 1 DETROIT 1 AUSTIN 1 SAN ANTONIO CINCINNATI KANSAS CITY OMAHA 3 CHICAGO 3 COLUMBUS 3 HOUSTON MINNEAPOLIS CLEVELAND DES MOINES/QUAD CITIES ST. LOUIS INDIANAPOLIS MILWAUKEE DALLAS LOUISVILLE NEW YORK CITY/BROOKLYN/NEW JERSEY 7 BALTIMORE 7 PHILADELPHIA 7 BOSTON 8 TORONTO 8 PITTSBURGH

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 around our communities by participating in various fundraisers. Village Green has raised over $0,000 during our Annual Splash Day Event supporting local charities including: Habitat for Humanity, Toys for Tots, The Ronald McDonald House and the Humane Society. 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 VG Dollars Purchasing Discount Program Home Purchasing Program /7 Emergency Maintenance Referral Rewards Stars and Stripes Program Resident Link/App 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 PEAT -- #1 nationally in 009, 010, 011, 01 & 013 in resident satisfaction Rents and economic occupancies that lead our markets, accomplished in part by reducing bad debt to less than 0.%, lowering non-revenue units and concessions Five percent increase in occupancies by offering corporate furnished and unfurnished units to Fortune 000 clients Over $ 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. EFFICIENCY Less than 0% employee turnover (NMHC average 37.1%) a result of our recruiting, hiring, training and alignment of compensation programs Health insurance costs % less than the industry through a proactive benefit and wellness strategy Workman s compensation rates at $10 less per employee than national industry rates Lower cost per rental due to maximizing traffic and rentals by utilizing resource tools such as Max Leases and Salesforce Between % to 0% savings in supply purchases through our ability to leverage our purchasing power, with National contracts Approximately $80k 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 3% 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 $00,000 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 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 AWARD-WINNING CEL & ASSOCIATES NATIONAL MULTIFAMILY CUSTOMER SERVICE AWARD FOR EXCELLENCE 01 To Be Announced 013 Village Green 01 Village Green 011 Village Green 010 Village Green 009 Village Green SPIRIT OF DETROIT AWARD 01 Village Green NATIONAL ASSOCIATION OF HOME BUILDERS (NAHB) PILLARS OF THE INDUSTRY AWARDS 01 Property Management Company of the Year, Finalist 013 Property Management Company of the Year, Finalist 01 Property Management Company of the Year, Finalist 01 Best Corporate Website, Finalist 011 Property Management Company of the Year, Finalist 010 Property Management Company of the Year, Finalist DETROIT METROPOLITAN APARTMENT ASSOCIATION 01 Excellence in Employee Education INDIANA APARTMENT ASSOCIATION 013 Property Management Company of the Year ST. LOUIS APARTMENT ASSOCIATION 01 Property Management Company of the Year NATIONAL MULTI-HOUSING COUNCIL* 01 Top 0 Apartment Management Company, 8 th 013 Top 0 Apartment Management Company, 8 th 01 Top 0 Apartment Management Company, 8 th 011 Top 0 Apartment Management Company, th 010 Top 0 Apartment Management Company, th MULTIFAMILY EXECUTIVE* 01 Top 0 Multifamily Manager, 8 th 013 Top 0 Multifamily Manager, th 01 Top 0 Multifamily Manager, 7 th 011 Top 0 Multifamily Manager, th 010 Top 0 Multifamily Manager, 9 th *Surveys include all sectors of public, private, affordable, student and luxury rental housing. Village Green is in the Top 10 of private, market rate luxury rental companies. For a full list of our awards please visit our website, villagegreen.com/awards

7 DEVELOPMENT RECOGNITION MULTIFAMILY HOUSING NEWS (MHN) EXCELLENCE AWARDS 01 Best Development Company of the Year, Winner, Village Green 011 Best New Mid-Rise Development, Finalist, Mill District City Apartments MULTIFAMILY EXECUTIVE 013 Best Adaptive Re-Use, Merit, Randolph Tower City Apartments Project of the Year/Green, Grand Prize, Mill District City Apartments Project of the Year/Mid-Rise, Merit, Mill District City Apartments 009 Best Adaptive Re-Use, Eitel Building City Apartments NATIONAL ASSOCIATION OF HOME BUILDERS (NAHB) PILLARS OF THE INDUSTRY & BEST IN AMERICAN LIVING AWARDS 01 Best Adaptive Re-Use, Soo Line Building City Apartments 013 Best Adaptive Re-Use, Finalist, Randolph Tower City Apartments 013 Best High-Rise Apartment, Finalist, Randolph Tower City Apartments AMERICAN INSTITUTE OF ARCHITECTS (AIA) ILLINOIS LOUIS SULLIVAN AWARD 013 Randolph Tower City Apartments CHICAGO LANDMARKS PRESERVATION EXCELLENCE AWARD 013 Randolph Tower City Apartments FRIENDS OF DOWNTOWN CHICAGO BEST PRESERVATION EFFORT 013 Randolph Tower City Apartments PROPERTY MANAGEMENT ASSOCIATION OF MICHIGAN (GLASTAR) 01 Best New Development, Ann Arbor City Apartments DETROIT METROPOLITAN APARTMENT ASSOCIATION PRISM 01 Best Renovated Property, Renaissance City Apartments PRESERVATION ALLIANCE OF MINNESOTA 011 Best Adaptive Re-Use, Eitel Building City Apartments FINANCE AND COMMERCE MAGAZINE 01 Top Ten Project, Soo Line Building City Apartments URBAN LAND INSTITUTE MAGAZINE 01 Ten Tall Buildings on the Horizon, Randolph Tower City Apartments

8 BRANDS WHO HELP US OUTPERFORM National contracts assure the highest quality at the best prices, reducing cost by 10% or more. AUM Bader Company 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 Hunt Investments The Ackerberg Group Intercontinental Real Estate Corporation Alan Gottlieb Kenard Corp. American Village Properties, LLC L3C Capital Partners, LLC Avgeris and Associates LaSalle Investment Management Bill Brisben Levin Realty Advisors, LLC BlackRock Realty Lexington Homes Bluerock Marc Realty Capital Associates Max Kendall Capri Capital Partners Nicol Investment Capture Associates The Mayerson Company Carter Oak Residential Partners, LLC Cathedral Church of St. Paul PNC Realty Investors, Inc. City of St. Paul Premier Realty The Dawson Company Royal Imperial Group Delta Manor STL Apartments Doug Weissman Family Partners Seyburn, Kahn, Ginn, Bess & Serlin, P.C. EM Partners, LLC Spyglass Capital, LLC Edgewood Capital The State Teachers Retirement System of Ohio Equity Investments Surrey Park Investors, LLC Fannie Mae Tate Enterprises First American Properties, LLC UBS Realty Advisors, LLC First Martin Corporation University of Cincinnati Heitman Virtu Investments Henderson Global Investors Holtzman Equities & Interests Huntleigh Securities

9 CLIENT COMMENTS We hired Village Green in 010 to manage our first property acquisition, a distressed turnaround 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 $00,000 of capital into 1 major projects, increased occupancy, brought concessions and delinquencies in line, and started growing rents again. Rental revenue increased 8% 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 resultsoriented culture aligns well with L3C s focus on excellence and execution. CHAIM KIFFEL PRINCIPAL L3C CAPITAL PARTNERS

10 CONTACT 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, BUSINESS DEVELOPMENT & CLIENT RELATIONS For more information on how we can serve you, contact: VILLAGE GREEN 188 W RANDOLPH ST SUITE 0 CHICAGO, IL 001 P F [email protected] EXPLORE VILLAGEGREEN.COM