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OFFERING SUMMARY 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 the 264-unit Villages of Addison (the “Property”), located in the highly-desired Plano Independent School District. Completed in 1994, the property is situated in the flourishing Far area and is strategically located one block west of the and just over a mile south of President George Bush Turnpike, two primary thoroughfares in North Dallas. Villages of Addison benefits from close proximity to numerous shopping and entertainment options in addition to extraordinary economic drivers, as the North Dallas area is experiencing tremendous momentum with recently announced corporate relocations and job creation. Moreover, a small percentage of the units at the Property has been upgraded to include a backsplash, new faucet in the kitchen, and ceiling fan in the living rooms and are achieving a healthy premium.

INVESTMENT HIGHLIGHTS

UNIQUE, CLASS “A” ASSET WITH NEIGHBORHOOD FEEL – Villages of Addison is a well located asset in Far North Dallas offering an extremely unique construction and design qualities that are not regularly found in the marketplace. The mature tree-lined streets, lush landscaping, and the spacious green areas at the Property provide residents with a tranquil single-family residential neighborhood setting. Additionally, the Property features direct access garages for all 264 units, which very few communities in the Dallas/Fort Worth metro offer and is one of only four properties in the immediate area with that feature. IMPRESSIVE NEIGHBORING EMPLOYMENT & DEVELOPMENT – Villages of Addison is positioned a short drive from an abundant supply of major job bases. n Platinum Corridor – stretches along North Dallas Tollway – adjacent to Villages of Addison w Home to an impressive mix of national blue chip firms w 50 million SF of office and 55,000 Employees n Plano – Legacy West – Six Miles North w Toyota – 7,000+ jobs relocating to the region – 2 MM SF office space. w Liberty Mutual – 5,000+ jobs moving to Legacy West – 1 MM SF office space. w JPMorgan Chase – 6,000+ jobs - 1 million SF campus in Legacy West w FedEx – 1,300 employees moving from Galleria – 265,000 SF office. n Frisco – the “$5 Billion Mile” – Eight Miles North w Wade Park - $1.6 billion project - 6 MM SF office, 600,000 SF retail, and 500+ hotel rooms w The Gate – a $700 million development featuring 854,000 SF of office and over 100,000 SF of retail. w The Star – practice facility for the Dallas Cowboys - 2.1 MM SF office, 320,000 SF retail, 600 hotel rooms w Frisco Station – $1 billion development - 3.3 MM SF office, 1 MM SF medical buildings, and 200 hotel rooms. n CityLine Development – State Farm & Raytheon – Nine Miles East w State Farm – 8,000 jobs have relocated to the development – 2 MM SF office space. w Raytheon – 1,700 jobs have relocated to the area – 500,000 SF office space.

SUPERIOR DEMOGRAPHIC BASE – The Property is positioned in an excellent residential area that is highlighted by high average household income and home values within a one-radius, which are in excess of $105,000 and $417,900 respectively. The area’s wealth is further displayed by the prestigious Bent Tree Country Club, Prestonwood Country Club, and Preston Trail Golf Club, some of the most exclusive and highly desired clubs in Dallas. AWARD-WINNING SCHOOL DISTRICT – Villages of Addison is positioned within the distinguished Plano Independent School District (PISD), which has played a prominent role in the major corporate relocations to the immediate area. Mitchell Elementary, Frankford Middle, Shepton High, and Plano West Senior High all earned distinctions for their academic performance in 2015 while Shepton High and Plano West Senior High are recognized by US News & World Report as two of the best high schools in the country. COMPELLING INCOME GROWTH – Due to its quality setting, premier location and high barriers to entry, the Property has experienced incredible income growth and still has room to increase rents. The Property averaged 4.9% net rental income growth for the trailing-12 period ending August 2016 and effective rents have increased more than 10% over the previous 24 months. Villages of Addison is positioned within the Far North Dallas submarket which has averaged a healthy 5.7% rent growth each of the last 5 years, including 7.9% rent growth for the year ending 2Q16. Furthermore, effective rents at Villages of Addison trail the competitive set by $177 per month allowing for additional room to further increase rents. PROPERTY DESCRIPTION COMMUNITY FEATURES

ADDRESS: 17671 Addison Road NUMBER OF n Two resort style swimming pools with spa Dallas, TX 75287 BUILDINGS: 32 n Exclusive private pool cabanas YEAR BUILT: 1994 LAND AREA: 13.66 acres n 24-hour state-of-the-art athletic center RENOVATED: 2006 & 2014 DENSITY: 19.33 units per acre n Chic entertainment lounge OCCUPANCY: 92.8% (as of 9/7/16) PARKING: 264 private attached garages n Cyber café TOTAL UNITS: 264 Units 221 surface parking spaces n Elaborate outdoor kitchen equipped with gas AVERAGE UNIT SIZE: 923 SF 6 handicapped parking spaces grill and TV RENTABLE SQ. FT.: 243,603 SF 491 total parking spaces or 1.86 n Outdoor pool table spaces per unit n Soothing water feature n Outdoor fire pit with ample gathering space n Sauna UNIT MIX n Lush landscaping throughout n Valet door to door trash Unit % of Market Market In Place In Place Units Description Type Total SF Rent Rent PSF Rent Rent PSF n WiFi in all Common Areas 41 1 BR - 1 BA A1 16% 698 $1,269 $1.82 $1,127 $1.61 1 1 BR - 1 BA A1*UM 0% 698 $1,269 $1.82 $1,199 $1.72 40 1 BR - 1 BA A2 15% 793 $1,349 $1.70 $1,216 $1.53 2 1 BR - 1 BA A2 * 1% 793 $1,349 $1.70 $1,314 $1.66 INTERIOR FEATURES 18 1 BR - 1 BA A3 7% 800 $1,349 $1.69 $1,203 $1.50 41 1 BR - 1 BA A4 16% 887 $1,399 $1.58 $1,290 $1.45 1 1 BR - 1 BA A4 * 0% 887 $1,399 $1.58 $1,299 $1.46 n Full size washer and dryer in all units 10 1 BR - 1 BA A5 4% 915 $1,489 $1.63 $1,295 $1.41 n Private attached garages in all units 66 2 BR - 2 BA B1 25% 1,046 $1,649 $1.58 $1,473 $1.41 2 2 BR - 2 BA B1*UM 1% 1,046 $825 $0.79 $1,599 $1.53 n Whirlpool energy efficient stainless steel 39 2 BR - 2 BA B2 15% 1,168 $1,699 $1.45 $1,534 $1.31 appliances 3 2 BR - 2 BA B2*UM 1% 1,168 $1,699 $1.45 $1,642 $1.41 n Granite countertops in kitchens 264 100% 923 $1,476 $1.60 $1,339 $1.45 n Modern custom cabinetry n Hardwood floors* DFW ECONOMIC OVERVIEW n Marble countertops in baths n Ceiling fans in living rooms and master bedrooms n Spacious walk-in closets n Oversized oval soaking tubs n Gas fireplace (select units) 117,500 384,375 609,913 * In select units NEW JOBS ADDED PROJECTED NEW JOBS PROJECTED POPULATION DURING YEAR-ENDING CREATED FROM 2016 GROWTH FROM 2016 JUNE 2016 THROUGH 2020 THROUGH 2020

FAR NORTH DALLAS SUBMARKET OVERVIEW

RENT GROWTH FOR PRODUCT BUILT SINCE 2000 OVER PREVIOUS RENT GROWTH OVER OCCUPANCY AS OF 2Q16 TWELVE MONTHS PREVIOUS TWELVE MONTHS 7.9% 96.6% 8.5% STONEBRIAR $5 BILLION MILE LAKE LEWISVILLE CENTRE

LEGACY WEST

THE SHOPS AT LEGACY 6,000 Employees INTERNATIONAL BUSINESS PARK 7,000 Employees 1,200 Employees

5,000 Employees (150,000+ CARS DAILY)

Frankford Rd. DALLAS NORTH TOLLWAY MITCHELL ELEMENTARY SCHOOL (160,000+ CARS DAILY)

Midway Rd. DECATUR PROSPER DENTON

McKINNEY Trinity Mills Rd. PONDER LITTLE FARMERSVILLE ELM PLATINUM CORRIDOR (23 million SF of Office Space) CORINTH FRISCO ARGYLE Y WA LL Addison Rd TO TRINITY BENT TREE COUNTRY CLUB Lewisville URN YB RA CHRISTIAN Lake AM ALLEN THE COLONY S ACADEMY HIGHLAND LUCAS VILLAGE JUSTIN RHOME Lavon Lake LEWISVILLE ADDITIONALWYLIE INFORMATION ENT GEORGE BUSH PLANO FLOWER MOUND SID T E UR MURPHY R NP TROPHY P IK E If you have any questions or require additional information, please contact: Fort Worth ROANOKE Alliance CLUB Grapevine BILL MILLER | Senior Managing Director Airport Lake [email protected] | 469.232.1986 ROYSE HASLET CARROLLTON Addison SACHSE Airport ROBERTO CASAS | Senior Managing Director CITY GRAPEVINE COPPELL ADDISON RICHARDSON [email protected] | 469.232.1939 SOUTHLAKE North KELLER Lake FARMERS ROB KEY | Director 30 [email protected] | 469.232.1926 BRANCH ROCKWALL AZLE GREG TORO | Director

Mountain LAS COLINAS Preston Lake GARLAND D

D Hollow Highlands [email protected] | 469.232.1995 A

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WILLIAM JENNINGS | Senior Real Estate Analyst N

COLLEYVILLE International DALLAS N

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SAGINAW WATAUGA Airport LOVE FIELD T [email protected] | 469.232.1998

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A A Y 820 RICHLAND Y White Rock Highland DE’ON COLLINS | Director HEATH HILLS EULESS Park Lakewood Lake LAKE 820 Fort Worth [email protected] | 469.232.1953 Meacham HURST Lake Worth WORTH Airport OFFER DATE: TBD HALTOM CITY Uptown SUNNYVALE FORT 30 TIMING: All submissions must include specific terms NAS Joint Reserve DALLAS CBD relating to Due Diligence and Closing time periods. Base Fort Worth WORTH 30 WHITE WESTOVER 30 30 MESQUITE CBD FORNEY SETTLEMENT HILLS 2323 Victory Avenue, Suite 1200 820 ARLINGTON GRAND PRAIRIE Y. Dallas, TX 75219 USA W K Lake Mountain 30 P AIL TEL: 214-265-0880 | FAX: 214-265-9564 TR Arlington Creek Lake 45 820 M BALCH

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C JUNCTION FOREST HILL GARDENS 20 BENBROOK ©2014 Holliday FenoglioDUNCANVILLE Fowler, LP (“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 EDGECLIFF capital markets services to the U.S. commercial real estate industry. HFF together withHUTCHINS its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, VILLAGE advisory services, structured finance, private equity, loan sales, and 20commercial loan servicing. SEAGOVILLE Holliday FenoglioJoe Pool Fowler, L.P. (“HFF”) has been engaged by the owner of the property to market it for sale. Information concerning the property describedCRANDALL herein has been obtained from sources other than Benbrook HFF and weLake 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 Lake other property specific information are approximate.DE SOTO Any opinions, LANCASTERassumptions, 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.

CEDAR HILL 45 KAUFMAN CROWLEY

BURLESON MANSFIELD FERRIS

MIDLOTHIAN