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Banyantree Group Preserving Capital while Creating Wealth ABOUT THE BANYANTREE GROUP BanyanTree Group is a nimble private real estate investment company focused on investing in well‐located income producing multi‐family and commercial real estate properties in California, Nevada, Arizona, Texas and Florida. The investments we pursue offer attractive in‐ place cash flow and the ability to create additional value through renovation, repositioning and re‐branding. BanyanTree Group invests its own equity alongside both institutional and private equity investors who are aligned with our goal of Preserving Capital while Creating Wealth through carefully selected investments with superior risk‐adjusted returns Preserving Capital while Creating Wealth COMPANY VISION COMPANY CORE VALUES Ethical Achieve the highest possible standards and be the Ethical and transparent business dealings preferred choice for all stake holders in our business Diligent and within our market area Diligence, hard work and utmost care Innovative Innovative and creative solutions Committed Commitment to performance and quality Trustworthy Trust amongst all stakeholders COMPANY MISSION Preserving Capital while Creating Wealth C INVESTMENT PHILOSOPHY BanyanTree Group’s investment philosophy is driven by its goal of Preserving Capital while Creating Wealth achieved through disciplined investments in assets with superior risk‐adjusted returns Our approach is founded on the following convictions: Real Estate markets are inherently inefficient ‐ price does not necessarily equal value ‐ this allows skilled and patient investors to acquire assets at prices below inherent value and monetize assets at a prices above value Adverse and favourable market conditions occur with increasing regularity. Appropriate use of flexible leverage and maintaining adequate liquidity provides the ability to withstand market shocks, and to take advantage of associated market opportunities A well‐defined investment plan that contemplates possible courses of action under adverse circumstances with disciplined and pro‐active asset management that evolves to reflect changing circumstances is key to managing and mitigating risks Risks that can result in significant loss of capital must be completely avoided Preserving Capital while Creating Wealth COMPETITIVE ADVANTAGES Existing Relationships & Off-market Deal Sourcing Ability: . Extensive and deep rooted network of relationships across the industry developed over Niche Market Focus: 25 years . Late recovery markets . Enabled the team to participate in negotiated off‐ . Markets dependent on energy market situations On-ground Local Presence: Motivated Team with no . Offices in San Francisco, Houston Legacy Assets: and New York • Meaningful co‐investment from the team that is not burdened by legacy assets allowing it to fully focus on future investments Technology Savvy: • Tech savvy team experienced in intelligent revenue Experienced Management management, use of Team: social media etc . Acquired or overseen acquisition of $2.7 billion of real estate assets . 84 properties (21,471 multifamily units, 5.0 M SFT commercial space) Proven Investment Credentials: • Continuation of existing successful and proven investment strategy Preserving Capital while Creating Wealth STRATEGY BanyanTree Group employs a data carefully, underwrite realistically, driven approach to understand structure conservatively, and economic conditions, monetary & fiscal opportunistically acquire well located policy, analyse forecasts, demographic underperforming and undervalued trends, rental rates, assets. vacancy/occupancy data, absorption Upon acquisition the team implements trends, replacement costs and a well‐defined investment plan with supply/demand conditions, to select disciplined and proactive asset markets that exhibit superior growth management that evolves to reflect potential. changing circumstances by finding We combine this information with creative solutions to unforeseen or un‐ intimate local knowledge and local anticipated challenges operational experience to select Preserving Capital while Creating Wealth INVESTMENT CRITERIA – Multi-family BanyanTree Group will focus on well located garden style multi‐family properties comprising more than 250 units that provide an opportunity to increase NOI at a rate faster than the overall market in the initial two to three year period of ownership. We will focus on markets with strong near‐term demand and limited near‐term supply. More specifically we will acquire properties that meet the following criteria: Geographic Focus Size $10 million + Age: 10 to 30 years ‐ Class: B‐ or better Dated physical plant, amenities and unit interiors that do not meet the standard and requirements of today’s renters Are inferior or are of lesser quality then the overall sub‐market With rents that are lower than comparable properties and materially lower than competing or better quality properties Price significantly below today’s replacement costs Where rents can be increased higher than inflation in the first three years of ownership through renovation and repositioning of the property Preserving Capital while Creating Wealth INVESTMENT CRITERIA – Workforce Housing There is a growing recognition of the need for workforce housing. According to data from NMHC demand is expected to be for an additional 4.5 million new apartments in the U.S. by 2030. Due to the chronic undersupply of affordable housing investments in Workforce housing offers a high degree of security on the downside. BanyanTree Group will focus on value add C+ assets that are located within commutable distances to major employment centers in areas with high job growth More specifically we will acquire properties that meet the following criteria: Geographic Focus Size: $10 million to $70 million Age: 20 to 40 years – Class C+ or better Locations: Commutable distance from employment centers in high job growth areas Average Rent: Average annual rent is generally less that 35% of area median house hold Income Average Price: Average price per unit is generally less that 75 % of area median home price Physical Plant: Physical plant that may require less maintenance Amenities Package: Competitive but not over the top amenity package. Preserving Capital while Creating Wealth EXPERIENCE DIRECT 8,682 Units 2.7 Million SF $1.3 Billion Multi‐Family Office Equity Invested OVERSIGHT 12,799 Units 2.3 Million SF $1.4 Billion Multi‐Family Commercial Equity Invested Preserving Capital while Creating Wealth ELEMENTS OF SUCCESS Experienced team focused on risk management for Preserving Capital while Creating long-term Wealth . Management of risk to preserve capital remains BanyanTree Group’s guiding principal Deal flow pipeline that generates proprietary opportunities . Extensive real estate relationships developed over 25 years . Local presence in all markets we operate in Proven hands-on entrepreneurial operating ability . Twenty‐five years of disciplined and conservative underwriting tested and refined in all cycles of the market . Integrated in‐house team approach (acquisitions, management, construction and marketing) Superior Risk provides the ability to expeditiously and thoroughly evaluate assets and develop and implement value‐enhancing business plans. Adjusted Returns . Maximizing potential through diligent asset oversight and control of day‐to‐day operations Preserving Capital while Creating Wealth TEAM Tarak Patolia Manish Shah Founder Partner ‐ Capital Markets Tarak Patolia is founder and managing principal of BanyanTree Group. Tarak is responsible for Manish Shah is a partner of BanyanTree Group. Prior to joining BanyanTree, Manish served as the firm’s overall strategy, finances, operations and culture. Prior to starting BanyanTree Group, principal and manager of numerous real estate assets including controlling equity, mezzanine from 1994 to 2016, Tarak served as Chief Investment Officer at Sterling Equities, Inc., the family and senior debt investments. His prior experience includes executing a turnaround of a publicly office of the Wilpon and Katz families the owners of the NY Mets. At Sterling, Tarak was tradedcompany,wherehewasresponsibleforbusinessandrealestateacquisitions and involved in the formation, capitalization and administration of five real estate investment funds. divestitures. He has executed private equity transactions for Morgan Stanley and has advised on He spearheaded the negotiation, acquisition, asset management and disposition of over $4 numerous M&A and financing transactions for public and private companies while at Bear billion of real estate and real estate related assets. Prior to Sterling, he was a technical analyst in Stearns and Morgan Stanley. Manish graduated with honours from Harvard LawSchool,and New York and a practicing architect and a real estate developer for companies he founded in his graduated with honours and distinction in two majors from Yale University native India. Tarak serves on the Board of Directors for National Multi‐Housing Council and is an active member of National Association of Industrial and Office Properties serving on the Capital Markets Forum. He has been a frequent speaker at the International Management Network's James M. Schwartz Opportunity Fund Conferences, National Multi‐Housing Council conferencesaswellasseveral other industry events. Managing Director TarakreceivedaMasterinBusinessAdministrationdegreeinFinancefromPace University and a Bachelor of Science degree in Architecture from the Centre for Environmental Planning
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