EXECUTIVE SUMMARY

Holliday Fenoglio Fowler, L.P. (“HFF”) and Eastdil Secured, L.L.C. (“Eastdil”) are pleased to present Ashton (the “Property” or “Ashton”), a boutique, trophy multifamily high-rise in the heart of Washington, DC’s urban core. The 12-story Property features 49 of Washington, DC’s finest luxury residences with large floor plans and condominium-quality finishes that command some of the highest rents per unit in downtown Washington, DC. Ashton presents a rare opportunity to acquire a core multifamily asset in an urban infill location with the potential for condominium conversion. INVESTMENT HIGHLIGHTS Incomparable Access to Employment & Amenities Ashton Judiciary Square is located at the confluence of several of the District’s premier downtown neighborhoods. Exceptionally convenient to Washington, DC’s largest employment, entertainment and nightlife districts, Ashton is perfectly suited to attract residents with a desire to be close to work, high-end amenities and transportation options. Several critical Federal and District government buildings are nearby as are a range of elite law firms due to the close proximity to the nation’s government leaders, including the U.S. Capitol Building and District Courts. Just north ofAshton across Massachusetts Avenue is a growing enclave of office employment in NoMa and , bringing employers such as Arnold & Porter, The Association of American Medical Colleges, Google, CNN, Kaiser Permanente and NPR, among others, to the immediate area. In total, there are over 59.2 million square feet of office space within one mile ofAshton , attracting a highly educated and affluent demographic to the area.

Located just a few blocks from Gallery Place / Chinatown and CityCenterDC, Ashton is convenient to the District’s most exciting retail and nightlife. With over 1.2 million square feet of retail space within one mile of Ashton, residents are just a short walk to Metrorail, high street retail, eclectic dining and nightlife and premier entertainment venues. Ashton Judiciary Square: “A Walker & Rider’s Paradise”

Walk Score ® Transit Score ® Bike Score ® 97/100 100/100 78/100

Thriving Downtown Location The transformation of downtown Washington, DC into a thriving destination for young professionals, empty-nesters and families is undeniable. With the completion of nearby CityCenterDC and the rapid redevelopment of NoMa and Mount Vernon Square, the immediate area surrounding Ashton Judiciary Square is now a vibrant, around-the-clock urban epicenter. From 2000 to 2010, the number of households within one half-mile of Ashton grew by an astounding 85%, with another 12% projected from 2015 to 2020, exemplifying the District’s growth as a livable urban center.

Ashton is also exceptionally convenient to several modes of transportation, including three Metrorail lines, the District’s main vehicular arteries (I-395 & Massachusetts Avenue) and Amtrak rail service via Union Station.

Elegant Living in the Heart of the District High-end Finishes and Services Constructed in 2009 by The Hanover Company, Ashton Judiciary Ashton Judiciary Square comprises 49 luxury apartment residences Square caters to the District’s most elite residents who desire the very boasting the highest quality construction and finishes, as well as nicely- best quality with the caché of a private residence in a premier location. appointed amenity spaces for entertaining, exercising and relaxing. Its close proximity to Verizon Center, Mount Vernon Square and Ashton provides an exclusive, boutique community with first-rate services make Ashton Judiciary Square the ideal choice for VIPs, and amenities such as 24-hour concierge, complimentary breakfast executives, dignitaries and other renters-by-choice seeking the very best and coffee, valet dry cleaning services, fitness center, community room accommodations for a primary residence or pied–à–terre. with a chef’s demonstration kitchen and a guest suite rental. Consistent History of Stability and Rent Growth Select In-unit Apartment Features With a strong record of consistently high occupancy and rent growth, • Stainless Steel Appliances Ashton Judiciary Square meets the demand for high-end rental housing • Granite Slab Countertops by offering large floor plans typically not found in an urban location. • Kitchen Islands Comprising mostly one bedroom plus den and two bedroom units, • Overhead Jenn-Air Vent Hoods the average square footage is over 1,600 square feet per residence. • Natural Hardwood Flooring Its unique unit mix, high-end finishes and boutique size also position • High Ceilings (10’ standard with 12’ on select levels) Ashton particularly well for a condominium conversion with minimal • In-unit Washer and Dryer capital improvement required. Select Community Amenities Unit Type Units % of Total Avg. SF 1 Bed - 1 Bath 1 2% 1,291 • 24-hour Concierge • 24-hour Fitness Center 1 Bed - 1 Bath - Den 20 41% 1,222 • Club Room with Formal Dining Area and Chef’s Demonstration Kitchen 2 Beds - 2 Baths 16 33% 1,780 • Luxury Guest Suite 2 Beds - 2 Baths - Den 6 12% 1,571 • Valet Dry Cleaning Service 3 Beds - 2 Baths 6 12% 2,715 Total/Average 49 100% 1,631

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Holliday Fenoglio Fowler, L.P. (“HFF”) a Washington, DC licensed real estate broker. Madison Dr SW

©2015 HFF and HFFS (HFF Securities1 L.P.) are owned by TheHFF, National Inc. (NYSE: HF). HFF operates out of 22 offices nationwide andUnited is a leading States provider of commercial real estate and capital markets services to the U.S. commercial Mall real estate industry. HFF together with its affiliate HFFS offer clientsCapito a fullyl integrated national capital flecting Pool 4 St NW markets platform including debt placement, investment sales, equity placement, advisoryJefferson services, Dr SW loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. mac Independence Ave SW HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

1775 Pennsylvania Ave, NW | 5th Floor 1730 Pennsylvania Ave, NW | Suite 900 Washington, DC 20006 Washington, DC 20006 202.533.2500 | hfflp.com 202.688.4000 | eastdilsecured.com

G. Walter Coker Brian J. Crivella David R. Nachison Alan M. Davis Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Eastdil Secured, L.L.C Eastdil Secured, L.L.C Managing Director Director Managing Director Managing Director 202.533.2537 (o) 202.533.2522 (o) 202.688.4058 (o) 202.688.4036 (o) 703.282.8081 (c) 301.580.6685 (c) 703.627.0284 (c) 202.321.7443 (c) [email protected] [email protected] [email protected] [email protected]

Financing: J. Brenden Flood Bret E. Thompson Susan B. Carras Eastdil Secured, L.L.C Eastdil Secured, L.L.C Holliday Fenoglio Fowler, L.P. Senior Vice President Vice President Senior Managing Director 202.688.4061 (o) 202.688.4032 (o) 202.533.2526 (o) 202.445.9412 (c) 301.785.2784 (c) 301.807.2655 (c) [email protected] [email protected] [email protected] Timothy V. Stanton Eastdil Secured, L.L.C Associate 202.688.4056 (o) 443.838.1176 (c) [email protected]