Our Mission. To acquire quality properties providing secure and sustainable returns for our equity partners. Testimonial

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1 INVESTMENTS ASSET MANAGEMENT PROPERT Y MANAGEMENT

2 Our Mission To acquire quality properties providing secure and sustainable returns for our equity partners. Testimonial We have been involved in the growth and expansion of the PPA Group over the past several years and are proud to have been involved in arranging financing where the group at PPA exceeded projections in both the time it took to facilitate the turnaround and the increase in NOI at the property. Bill Haley Vice President - NorthMarq Capital

3 About the Company The Partnered Property Acquisitions Group (The PPA Group) is a full-service commercial real estate investment firm that seeks attractive, risk-adjusted returns for accredited and sophisticated investors. The PPA Group specializes in the acquisition and repositioning of commercial and multi-family properties nationwide, focusing on primarily value-add and core-plus opportunities. Our extensive network of private equity partners maximize their returns by investing with a skilled operator with a large portfolio of commercial real estate as well as in-house asset and property management capability. The investor benefits from the diversification of risk and economies of scale of a large asset portfolio and operations group regardless of the structure or size of their ownership interest. The PPA Group, LLC specializes in the identification, finance, acquisition, repositioning and management of all types of commercial real estate throughout the United States. We are dedicated to sourcing quality properties for our investors and providing the premier asset management service in the commercial real estate industry. Our team offers a unique spectrum of expertise with a combined synergy capable of meeting any challenge while maximizing opportunity. Our acquisition strategy exclusively focuses on assets that create secure and sustainable returns in current market conditions. Providing exceptional service to our equity partners is our first priority each day. Honoring our promises and commitments, we distinguish ourselves with the highest level of professionalism and ethical behavior. We believe the key determinants of our success are buying right, aggressive leasing and creative asset management. Typically, target investments are in need of physical improvements, are partially or completely vacant and require improved operations and management. Our ability to execute quickly and derive value where others cannot allows us to earn our returns rather than wait for them like more passive investors. Buying right provides the margin to improve, lease and sell assets in a compressed time frame, which helps us achieve target returns for our equity partners. We understand that professional property management is the key element to ensure the success of our real estate holdings. The PPA Group uses a mixture of our in-house expertise along with our sister company, PPA Real Estate Management, whose diligence and quality standards provide our equity partners with the assurance of effective operations and protection on their investments. This process of buying assets at the right time coupled with our expert property and asset management services has led The PPA Group to higher-than-expected returns on many of our properties.

4 Strategy The PPA Group s strategy is to invest in commercial real estate to provide attractive, risk adjusted returns to our large network of private equity partners. We own and asset manage our portfolio of commercial real estate including apartment complexes, office buildings and retail centers. The PPA Group s ownership of a large portfolio of properties allows our equity partners to benefit from economies of scale, eliminating many of the duplicative processes and costs that apply when an investor purchases properties on their own. This allows our equity partners to enjoy cash flow and tax benefits while the property matures in value, while eliminating the worry and hassle of property and asset management on their own. The PPA Group invests large amounts of time and human capital to source the most attractive opportunities for our investors. Extensive due diligence, including financial statement and property audits, is conducted by our inhouse analysts and property managers prior to all asset acquisitions. Our equity partners receive in-depth and transparent reports on the findings of our analysis, so they receive all of the information needed to make educated investment decisions. We acquire low- to medium-risk properties with the right combination of price, location, quality, growth and rental potential. We provide a broad range of ownership structure options to meet the needs of our investors including joint venture partnerships, fractional ownership, direct ownership investments, equity partnerships and private placements. Vision Real estate is a complex industry. The market, by strict definition, is finite, yet it offers boundless opportunities to investors and those who are willing to take the market by its horns. To succeed today, real estate managers must create exceptional value while meeting market demands. Returns must be earned through diligence, vision and execution. Our market timing is both accurate and precise, our underwriting skills are impeccable, and our vertically integrated asset and property management services allow us to add value where others cannot. We produce outstanding returns while competing in a uniquely challenging investment climate and providing our investors with structure options that suit their individual needs and goals. At The PPA Group, LLC we understand how decisions today affect the value of investments tomorrow. We have the expertise, track record and experience to identify opportunities in today s market and the enterprise combined with financial strength to act upon them for the benefit of investors, partners, tenants, clients and residents.

5 Biographies Monte Lee-Wen PRESIDENT AND CHIEF EXECUTIVE OFFICER Monte Lee-Wen is the President and CEO of The PPA Group, LLC. Since 2002, Monte has conducted over $600 million in transactions, acquiring, managing and repositioning commercial property across the United States. In 2004, Monte formed The PPA group, LLC as a commercial real estate investment company in Seattle, Washington. The company is now headquartered in Austin, Texas and also serves as the holding company for The PPA Group family of companies. He has a unique investment philosophy which involves evaluating and taking advantage of opportunities where superior risk-adjusted returns can be realized. This approach has allowed The PPA Group to realize tremendous returns on investments. Through founding The PPA Group, Monte has been able to combine his investment experience and philosophy with the creative talent required to renovate and reposition properties. Monte brings an extensive knowledge in property assessment and transaction due diligence. He has created a standardized internal analysis system to effectively evaluate investment properties, which has enabled the PPA Group to streamline the process of acquiring profitable real estate investments. In 2008, Monte formed a subsidiary company called PPA Real Estate Management (REM) to serve as the property management company for PPA Group real estate holdings, and to conduct thirdparty fee management business. PPA REM currently manages a diverse portfolio of multifamily units, emerging office and development properties. Monte takes pride in investing not only in properties, but also in the communities and families that reside at the company s properties. Monte is a seasoned entrepreneur having started and run several companies since the mid- 1990s. His networking and speaking skills have propelled the company forward very quickly. He is actively involved in board positions and guidance committees of many private and public initiatives nationwide. Nalie Lee-Wen CHIEF FINANCIAL OFFICER As Chief Financial Officer, Nalie Lee-Wen heads The PPA Group s internal Department of Finance and Commercial Specialists. She works diligently developing relationships with capital partners and coordinating transaction closings during the funding and closing phase of PPA Group s acquisitions. Nalie oversees the team of accounting professionals for PPA Group and its family of companies, including PPA Real Estate Mangement. Her experience in commercial financing and leder relationships brings significant value to the company s operational management. She plays a pivotal role in the asset management and property mangement departments. Prior to joining The PPA Group, Nalie was the Chief Executive Officer of a commercial real estate funding group. Nalie has worked directly on the successful financing and closure of over $200 million in real estate transactions. With her strong background in real estate and finance, she brings a high level of expertise in solving title issues, working with state and local governments, surveyors, vendors, lenders, and legal professionals. Nalie shows a great ability to anticipate potential problems and creates solutions prior to issues arising during asset acquisitions and asset management.

6 Dave Carter CHIEF INVESTMENT OFFICER Dave Carter is The PPA Group s principal consultant in commercial real estate and investment opportunities.dave is involved in all major investment, acquisition, dispositions and asset management decisions; is responsible for value fund development; and sits on The PPA Groups acquisition and disposition committees. Dave has more than 20 years of successful business development experience resulting in significant value creation involving over $4 billion in commercial real estate and totaling 100 million square feet nationwide. During his 20+ years in commercial real estate, he has held executive-level positions with GE Capital Real Estate, a $4 Billion division of GE Capital; Commercial Net Lease, a $1.3 Billion REIT (now known as National Retail Properties); and CB Richard Ellis, the world s premier, full-service real estate services company. Prior to these positions, he spent 10 years in the appraisal consulting side of the business, during which time he completed consulting assignments for all types of commercial property including multi-family, office, retail, industrial, hospitality, special use and undeveloped land. During this period he received his MAI (Member of Appraisal Institute) designation. Glenn Gonzales, CPM PRESIDENT OF PPA REAL ESTATE MANAGEMENT Glenn Gonzales brings to The PPA Group over 18 years of experience in management, development, operations and leasing of commercial real estate of all property types. He served as Treasurer on the Board of Directors for the Washington Multi-family Housing Association, and was elected as President of the association in From 1994 to 1998, Glenn was a board member for the Utah Apartment Association. He also served a two year term as the Chairman of the Public Relations Committee and a one year term as the Secretary Treasurer for the Institute of Real Estate Management. Since 1994, Glenn has also been an instructor for the National Apartment Association. Prior to joining The PPA Group as President of PPA Real Estate Management, Glenn spent many years working in multi-family and commercial property management with companies such as Equity Residential, Evergreen Management Group, Glacier Management, and most recently Pacific Property Company. He is also a licensed real estate broker and Certified Property Manager. Most recently, Glenn has participated as founding member of an online services company that provides industry professionals with access to competitively priced and reliable vendor contacts.

7 Grant Caterina SENIOR UNDERWRITER AND ASSET MANAGER Grant Caterina is responsible for The PPA Group s portfolio of commercial real estate assets and are ensures that all PPA REM managed properties are operating to their fullest potential. His business and financial analytical skills make him a primary asset in the management and operation of customer and company investment assets. His primary focus is to ensure business plan execution and to ensure that expenses are within budget and revenues are at their peak for what the market will allow. His main goal is to achieve maximum returns for our customers and equity partners. Prior to joining The PPA Group, Grant worked as the Sr. Real Estate Analyst for Arbor Commercial Mortgage, a national direct lender. At Arbor, Grant managed a staff of 7 analysts in the processing of Fannie Mae Apartment loans. Grant sits on The PPA Groups acquisition and disposition committees. Grant obtained a B.A. in History and Business from the University of Southern California.

8 Sample Investments Sunset Canyon, a 466-unit apartment community located in San Antonio, Texas. Sunridge Apartments, a 332-unit apartment community located in Grand Prairie, Texas. Kenton Place, a 244-unit apartment community located in San Antonio, Texas. Peppermill Apartments, a 232-unit apartment community located in Universal City, Texas Seattle/Tacoma, WA Everett, WA Phoenix/Mesa, AZ Eastland, TX Boise, ID Salt Lake City/Provo, UT Cape Fair, MO Universal City, TX San Antonio, TX St. Louis, MO Waco, TX Sterling Heights, MI Dallas/Ft. Worth Metroplex The PPA Group Jollyville Road Suite 330-S Austin, TX telephone toll free fax info@theppagroup.com Acquisitions Dave Carter Chief Investment Officer x910 Investments Dave Carter Chief Investment Officer x910