GARLAND TEXAS

OFFERING SUMMARY INVESTMENT OVERVIEW

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker (“HFF”) has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Parkside at Firewheel (the “Property”). Situated within the Firewheel Town Center, Parkside at Firewheel offers residents walkability to a one million square foot, open-air mixed-use center, which includes 125 retail stores and over 75,000 square feet of Class A office space. Parkside at Firewheel is strategically located along the President George Bush Turnpike, a primary thoroughfare that provides exceptional flow of traffic to the asset and immediate access to employment centers including Telecom Corridor and CityLine. Furthermore, the asset benefits from an excellent demographic base as the average income per household within a one mile radius of the Property is an impressive $103,609. With its dynamic location, strong demographic base, and upside potential, the 594- unit Parkside at Firewheel is a unique asset in a growing area.

INVESTMENT HIGHLIGHTS SUPERIOR INGRESS/EGRESS The Property is positioned along George Bush Turnpike and within minutes of Central Expressway (US-75) which provides quick DISTINCT ASSET WITH UPSIDE and convenient access to all major employment centers and areas Completed in two phases 2007 and 2013, Parkside at Firewheel is throughout the Dallas/Fort Worth Metroplex. Residents of Parkside at an institutional-grade Class “A” community. The 594-unit Property Firewheel are also just ten minutes from the Downtown Garland DART presents the opportunity to acquire a well located asset with an Rail Station that provides affordable and rapid public transportation outstanding set of amenities. Moreover, 172 units are finished with throughout Dallas/Fort Worth. stainless steel appliances, designer cabinetry, granite countertops, hardwood flooring, and updated lighting. New ownership has the opportunity to upgrade the remaining 422 units to maximize rents going forward. Upgraded units are achieving up to a $250 per month premium over non-upgraded units.

MINUTES FROM TELECOM CORRIDOR AND CITYLINE DEVELOPMENT Parkside at Firewheel is located along President George Bush Turnpike, just ten minutes from the Telecom Corridor (60,000 existing jobs) and the CityLine Development (12,000 new jobs). The Telecom Corridor is home to an estimated 500 high-tech firms and is the second largest employment center in Dallas/Fort Worth. CityLine is planned for 186 acres of development and will include 6 million SF of office space, 41,000 SF of medical office space, 92,000 SF of retail, and a 100,000 SF specialty grocer center anchored by Whole Foods. In addition, a $500 million development is planned just west of CityLine and will include 1.35 million SF of office space, 100,000 SF of retail space, and two hotels.

TRUE WALKABILITY Parkside at Firewheel is within the Firewheel Town Center, an open- air, one million square foot mixed-use development that includes national tenants such as Dick’s Sporting Goods, an 18-screen AMC Theater, Macy’s, Barnes & Noble, and many more. Sam’s Club, Walmart, Target, Kroger, and Tom Thumb are all within a three-mile radius of the Property. In addition, the Granville Arts Center and Plaza Theatre, Collin Creek Mall, Lake Ray Hubbard, and Firewheel Golf Park are all within close proximity.

STRONG SUBMARKET The Garland submarket has seen five consecutive years of positive rent growth, averaging 3.2% year over year growth and 96.5% occupancy. Over the same period of time, there were 1,248 units absorbed while only 572 units were delivered. More Specifically, 2000+ product recorded a Garland record high of 11.4% annual rent growth for the year ending first quarter of 2015. 2 • PROPERTY DESCRIPTION COMMUNITY FEATURES • Two Resort-style swimming pools with tanning ledges & ADDRESS: 305 River Fern Drive cabanas Garland, TX 75040 • Two State-of-the-art fitness centers with virtual fitness YEAR BUILT: Phase I – 2007 • Wellness Studio Phase II – 2013 • Grill and Patio Area CURRENT OCCUPANCY: 94.3% as of 5/5/15 • Lush garden courtyards with serene water features TOTAL UNITS: 312 Units - Phase I • 2 Parking Garages 282 Units - Phase II • Close Proximity to Fine Dining and Shopping 594 Units - Total AVERAGE UNIT SIZE: 921 square feet UNIT FEATURES NUMBER OF BUILDINGS: 7 Buildings • Stainless Steel Appliances* • Kitchen Islands* NUMBER OF STORIES: 3-4 stories • Washington Cherry, Pear, Wood, or Maple-Finished Cabinets* PARCEL SIZE: 8.94 Acres • Granite Countertops* DENSITY: 66.44 Units Per Acre • Hardwood Style Flooring* PARKING: 747 Garage Parking Spaces • Ceramic Tile Bath Flooring* • Cultured Marble Vanity Countertops Parking Ratio: 1.3 Spaces Per Unit • Plush Carpeting • Washer and Dryer Connections UNIT MIXES • Pendant Lighting* • Track Lighting* PHASE I • Linen Closets* Units % Unit SF Total SF Market PSF • Walk-In Closets Description Rent • Built-In Bookshelves* 28 9% EFF 569 15,930 $818 $1.44 • Ceiling Fans in Bedrooms 197 63% 1 BR - 1 BA 851 167,593 $1,057 $1.24 • Washer and Dryer Connections 65 21% 2 BR - 2 BA 1,108 71,999 $1,336 $1.21 • Patio or Balcony* 22 7% 3 BR - 2 BA 2,457 54,056 $2,076 $0.84 *Available in select units. 312 100% 992 309,578 $1,163 $1.17

PHASE II Units % Unit SF Total Market PSF Description SF Rent 32 11% EFF 499 15,958 $795 $1.59 166 59% 1 BR - 1 BA 740 122,845 $1,009 $1.36 84 30% 2 BR - 2 BA 1,178 98,935 $1,446 $1.23 282 100% 843 237,738 $1,110 $1.32

3 • ECONOMIC OVERVIEW APARTMENT MARKET OVERVIEW

The Dallas/Fort Worth (DFW) economy is one of the most diverse in Thanks in large part to the metro area’s job growth, demand in the the country. Today, the local economy supports an employment base overall DFW market continues to build momentum as the metro exceeding 3.3 million workers, and during the year-ending February absorbed 3,360 units during the first quarter of 2015, the highest first 2014 DFW ranked first in the nation in absolute and percentage job quarter demand since 2010, and 18,024 units during the year-ending growth amongst the 20 largest employment bases. Over that time, first quarter 2015. Metro-wide apartment occupancy averaged the metro area added 132,400 new jobs, representing an increase 94.8%, the tightest it has been in the last 13 years. Rental rates continue of 4.14%. Moreover, Moody’s Economy.com forecasts that from 2013 to climb as average rents for DFW communities have risen for 20 through 2018 DFW will rank first in the nation in population growth consecutive quarters. Year over year rent growth for the first quarter adding 724,610 new residents and first in the nation in employment of 2015 measured 6.4%, well above the US average and the highest growth, creating 515,864 new jobs. DFW total in nearly three years.

CITYLINE DEVELOPMENT The University of Texas at Dallas Collin Creek -Enrolls 20,000 Students Mall PLANO Telecom • 12,000 Jobs Corridor • 186 Acres • 2,500,000 SF of Office Space Under Construction and another 3,500 SF of Planned Office Space RICHARDSON • 92,200 SF of Restaurants, Retail & Entertainment • 100,000 SF Specialty Grocer Center • 150 Hotel Rooms Webb • 41,000 SF of Medical Office Space Middle School Single-Family Firewheel Golf Park Avg. List Price - $366,667 Naaman Forest High School Single-Family Avg. List Price - $403,083

Lavon Dr

Firewheel Pkwy Firewheel Town Center -1 Million SF of Mixed-Use Development

ADDITIONAL INFORMATION OFFERING FORMAT If you have any questions or require additional information, please contact the individuals below. Terms: No asking price has been BILL MILLER Senior Managing Director | [email protected] | (469) 232.1986 established for the Offering. ROBERTO CASAS Senior Managing Director | [email protected] | (469) 232.1939 Offer Date: To be announced GREG TORO Associate Director | [email protected] | (469) 232.1995

DAVID AUSTIN Real Estate Analyst | [email protected] | (469) 232.1993 2323 Victory Avenue, Suite 1200 MAX GODVIN Real Estate Analyst | [email protected] | (469) 232.1936 Dallas, TX 75219 USA Telephone: 214-265-0880 For questions regarding debt structures on this property, please contact: Facsimile: 214-265-9564 ANDY SCOTT Senior Managing Director, [email protected] (469) 232.1933

©2015 HFF and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. HFF has been engaged by the owner of the properties to market them for sale. Information concerning the properties 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.