OVERVIEW PORTFOLIO HIGHLIGHTS

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1 G R E E N C I T I E S I F U N D P O R T F O L I O

2 G R E E N C I T I E S I F U N D P O R T F O L I O OVERVIEW CBRE is pleased to exclusively offer for purchase the Gerding Edlen Green Cities I Fund Portfolio. The Portfolio is one of the finest luxury portfolios available in the U.S. market. The Offering consists of seven urban core communities totaling 788 units whose footprint is designed around quality, sustainability, and creating a sense of community at each of the properties. The assets are located in four of the top 10 preferred markets in the country; Boston, San Francisco, Seattle and Los Angeles (Redondo Beach). PORTFOLIO HIGHLIGHTS HIGHEST QUALITY ASSETS IN THE MARKET Gerding Edlen properties sets a new standard for urban core design. Gerding Edlen has created the portfolio of assets to truly inspire a sense of community at each of the properties. Gerding Edlen s vision incorporates inspiring architectural thought, the latest in sustainable design and living features, and captures the sense of community by showcasing works from local artists at each of the properties. Additionally, unique design features include such amenities as a top floor community lounge with entertainment deck and fitness center that allows all residents to enjoy the views and socialize and pet friendly communities with dog run and wash facilities LOCATIONS ARE TRULY IRREPLACEABLE This portfolio offers investors the opportunity to invest in the top multi-family markets in the country as well as the best neighborhoods with the highest barriers to entry within these markets. For example, 315 on A and Factory 63 are located in the preferred Fort Point Channel submarket at the heart of the most dynamic restaurant and bar scene and just blocks from downtown Boston. The Seattle assets are located in the Pike/Pine corridor of the Capitol Hill district in the heart of Seattle s trendiest and hip neighborhoods. The San Francisco asset is located in the emerging Van Ness corridor proximate to the exploding urban tech core of Mid-Market Street, home to such firms as Twitter and Uber. Additionally, the asset is located across from the $1.0 billion California Pacific Medical Center project. The second Bay Area asset is in Berkeley, which brings true meaning to barriers to entry. Lastly, the Redondo Beach asset has ocean views and is just steps from the Pacific Ocean and the Boardwalk, making it an irreplaceable asset in the submarket SUSTAINABLE DESIGN The portfolio was developed with sustainability as a central theme throughout (LEED Gold or higher certification). This sustainability clearly benefits ownership through reduced operating costs and is instrumental in attracting and retaining millennial residents who understand the importance of everyone s contributions to the environment PORTFOLIO OPTIONALITY While the entire Green Cities Fund I is being offered as a portfolio, individual assets may be purchased on a one-off or sub-portfolio basis

3 ABOUT GERDING EDLEN Gerding Edlen is not your typical builder. Gerding Edlen s core values are articulated in their Principals of Place : Building Community Create Inviting Spaces Minimize Carbon Footprint and Energy Dependence Connect People and Buildings to Nature Encourage Transportation Alternatives Craft the First 30 Feet Inspire Communities with Art Make 20-Minute Living Real Integrate Schools and Neighborhoods Preserve Symbols that Matter As you learn more about these properties and tour them you will understand the true meaning of these principals and how they are reflected in these assets in ways that create long term value and a unique identity in the marketplace. PORTFOLIO BREAKDOWN. 788 UNITS YEAR BUILT/ RENOVATED 315 ON A FACTORY 63 NOVELLA REDONDO ETTA HIGBY BARCLAY BROADWAY PINE + MINOR 13-Nov 13-Feb 1971/ Jul Under Construction 12-Oct 13-Jun # OF UNITS # OF STORIES NET RENTABLE SF 157,802 22,158 82, ,602 82,928 75,515 66,021 AVERAGE UNIT SIZE RETAIL SF ,714 6,194 5,979 3,210 LEED CERT. LEED Gold LEED Gold --* LEED Gold LEED Gold (Proj.) LEED Platinum LEED Gold WALK SCORE UNIT MIX: 0-BEDROOMS BEDROOMS BEDROOMS BEDROOMS *Since LEED does not have a certification program for existing multi-family buildings, Gerding Edlen s renovation was done under the Green Point Rated Program. This program is managed by the Build-IT-Green non-profit.

4 315 ON A (BOSTON, MA) Finished in September 2013, 315 on A is a 202 unit, 21-story upscale high-rise apartment community. 315 on A offers a refreshing and striking break from the traditional luxury apartment building. The preferred location in the arts-focused Fort Point Channel neighborhood, 315 on A is a landmark property with unobstructed views of the downtown and Back Bay skyline in one of Boston s most vibrant neighborhoods. The building is LEED Gold Certified and was designed with efficiency in mind utilizing a smaller more efficient floor plan. Catering to the new social living trend, 315 on A uniquely designed its amenity space on the top floor of the building, so all residents have the opportunity to enjoy the spectacular views of the City and socialize with their neighbors. 315 on A is truly unique. FACTORY 63 (BOSTON, MA) Located across the street from 315 on A, Factory 63 enjoys the same location attributes and social aspects in its urban design. Finished in February 2013 utilizing historic tax credits and achieving LEED Gold Certification, Factory 63 consists of 38 apartments in a beautifully executed redevelopment of a six-story former loft industrial building. The property takes social living and responsibility to the next level. Factory 63 was also the first building to introduce the innovation unit concept in Boston, which enjoys a tremendous success. Owners will benefit from owning both 315 on A and Factory 63 for operational efficiency purposes. PINE + MINOR (SEATTLE, WA) Pine + Minor represents a landmark property on Capitol Hill, the prime location within the booming City of Seattle. Pine + Minor is a rare Seattle offering of a new condo-quality modern residential property between Seattle s unique Pike/Pine Corridor and the vibrant downtown CBD. With its phenomenal location, Pine + Minor is in the heart of a mix of bistros, bars, eateries, entertainment venues and eclectic shopping. The property is within walking distance of Seattle s CBD and South Lake Union the headquarters for rapidly expanding Amazon. Recently built, the property offers 120 units and 3,272 SF of prime commercial space. All this is presented in the context of a modern, unique, sustainable design with stunning western views, fantastic roof top deck, artistically designed common spaces and bike room. Dramatic interior design features include floor to ceiling windows, barn-style sliding doors and built-in kitchen units, all of which contributed to one of the fastest lease-ups in Seattle s history. BARCLAY BROADWAY (SEATTLE, WA) Like Pine + Minor, Barclay Broadway has a phenomenal location along Seattle s latest street car line, linking Capitol Hill to King Street Station and Downtown. Located in the center of Seattle s Medical District, First Hill, the property is within walking distance to three major hospitals with over eight million square feet of medical office space, which is the workplace for 25,000 healthcare professionals. Barclay Broadway successfully connects with Seattle s growing and affluent resident base on all fronts: cutting edge amenities, high end finishes, sustainability, and access to transportation, employment, entertainment and eateries. The rooftop deck, with expansive views and covered entertainment areas is among the best designed in the city. A fitness center planned by a personal trainer, a dog walk-and-wash area and an appealing business center provide a competitive edge to other new properties.

5 ETTA (SAN FRANCISCO, CA) Built in 2013, Etta was designed and developed as a luxury apartment community catering to a lifestyle of wellness, quality, service and convenience. The community achieved LEED Gold Certification and is a market leader in sustainable apartment living. Each of the 107 market rate apartment homes offers clean design aesthetics and an abundance of natural light, and features stainless steel appliances, granite countertops, hardwood floors, tile backsplashes, and washer and dryers. Etta offers penthouse gardens with outdoor dining and fire pit, resident lounge, fitness studio with available trainer, dog run, bike parking, concierge service, high speed internet, and green cleaning supplies. The property includes garage parking with available Zipcars and a ground floor commercial space leased long-term to CVS Pharmacy. Additionally, Etta s prominent location along the Van Ness corridor provides its residents with proximity to nearby employers such as Twitter, as well as direct access to the private commuter bus lines of Silicon Valley s world class technology employers including Apple, ebay, Electronic Arts, Facebook, Google, and Yahoo. The property is also one block from the $1 billion California Pacific Medical Center project, which is a 740,000 SF acute care hospital that is currently under construction. HIGBY (BERKELEY, CA) Scheduled for completion in late March 2015, Higby will be a luxury apartment community crafted with spirit and refinement for residents who value distinctive style, authentic experiences, connecting with neighbors, and exploring their surroundings. Higby will offer both market rate and affordable apartment homes, and is slated to receive LEED Gold Certification. Each of the 98 apartment homes will offer modern amenities in distinctive and refined styling, and finishes will include dishwashers, gas stoves, and in-unit laundry facilities. The property will also offer WiFi and curated resident programming. On the ground floor, Higby s commercial space will offer unique and targeted purveyors. In addition to these on-site retail amenities, the property will also provide garage parking and a ground floor bike room with work bench. Additionally, Higby s prominent location at the intersection of San Pablo and Ashby Avenues provides its residents with accessibility to employment centers in Emeryville, Oakland, and San Francisco, as well as a convenient launch pad from which to savor a multitude of nearby cultural activities. NOVELLA REDONDO (REDONDO BEACH, CA) Originally constructed in 1971, Novella Redondo appears far newer as the result of a $16 million renovation that was completed by Gerding Edlen in The property is elevator-served within a three and four story wood frame and stucco structure. The efficient floor plan configurations include 16 spacious studio homes, 68 one-bedroom homes and 21 two-bedroom homes. Residents enjoy ample parking provided in a gated two-level parking structure, a coveted convenience within beach communities. Common area amenities include a resort-style swimming pool, a pool-side fitness center and resident lounge, bicycle storage and two smart laundry facilities. Apartment homes feature all new interiors that include quartz counter tops, modern light fixtures, new bathroom and kitchen fixtures, laminate wood-grained flooring, modern thermofoil cabinetry, upgraded carpeting in bedrooms, stainless steel appliance package including electric stove and range, microwave and refrigerator, mirrored wardrobe doors, two-toned paint scheme and panel doors. Approximately 40% of the homes offer ocean views, with view premiums ranging from $100 to $200 per month.

6 2 G REEN C I T IES FUND I P ORT F OLI O GERDING EDLEN B O S T O N L O S A N G E L E S

7 B A R C L AY B R OA D WAY L OI CPAOT R I OT N M A RGKEERTD I N G E D L E N GREEN CITIES FUND F O& LIO 66 SAN FRANCISCO SEATTLE

8 JORDAN MOSS DAVE MARTA JON HALLGRIMSON ELI HANACEK FRANK BOSL SEATTLE SAN FRANCISCO SIMON BUTLER BIRIA ST. JOHN BOSTON TYLER ANDERSON SIMON BUTLER RAY ELDRIDGE LOS ANGELES OFFERING SUMMARY & TIMELINE Upon execution of the confidentiality agreement, CBRE will make available via the property website ( the complete offering materials and supporting documentation. Offers are due on Thursday, October 9th, 2014 by close of business and offers will be considered on a portfolio, sub-portfolio or individual asset basis. Portfolio offers should also include allocations. To arrange a tour, please reach out to the appropriate local market expert(s) and copy the Portfolio Contacts on any requests for additional information. At the request of management, we will not be conducting tours on Mondays. We look forward to working with you on this exciting opportunity. CONTACTS Portfolio Leads SIMON BUTLER Executive Vice President/Partner [email protected] TYLER ANDERSON Vice Chairman [email protected] Boston Contact San Francisco Contacts Los Angeles Contact BIRIA ST. JOHN Executive Vice President/Partner [email protected] JORDAN MOSS First Vice President [email protected] DAVID MARTA Associate [email protected] RAY ELDRIDGE Senior Vice President [email protected] Seattle Contacts Debt & Equity Finance Contacts JON HALLGRIMSON Executive Vice President [email protected] FRANK BOSL Senior Vice President [email protected] ELI HANACEK Vice President [email protected] BRIAN EISENDRATH Vice Chairman [email protected] TROY TEGELER Vice Chairman [email protected] CBRE 2014 All Rights Reserved. All information included in this proposal pertaining to CBRE including but not limited to its operations, employees, technology and clients are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completences. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.