MULTI-FAMILY INVESTMENT

Multi-family Acquisition Criteria

• Strategy:
  Acquire well-located properties in our target markets which leverages our firm's local market knowledge, management, and development expertise to reposition and enhance the value of investments.

• Product Type: Apartment properties

• Quality: A, B or C

• Size: Typically 100 units or greater, single properties or larger portfolios

• Cost: $10 million to greater than $100 million

• Age: We will consider older properties and recent construction.

• Investment Opportunities:
  Value-add rehab, core plus and core investments are all considered as are condominium and reversions on a select basis.
  
  
• Deal Structure:
  Typically all-cash with no financing contingency, but we will consider the assumption
  of existing financing.
  
  
• Investment Horizon:
  Ranges from 3 – 5 years for value-add rehab deals to 10+ years for core investments.
  
  
• Target Markets: San Francisco Bay Area, Sacramento, Central Valley, Reno and Seattle.

• Sourcing: Sourcing brokers on unlisted properties will be protected.

• Competitive Strengths:
  Proven History -- Successful track record acquiring over 3,000 units at a cost of approximately $400 million since inception.
  Organizational Depth – Currently manage over 12,000 units for our own portfolio and for our clients.
  Broad Capabilities – Strong development and construction expertise and extensive local market knowledge.
  Beneficial Timing -- Can move very quickly from contract through due diligence and to closing.
  
  
• Contact:
  Kenneth Gladstein, Senior Vice President -- Investments
  Phone: (650) 377-5711
  Fax: (650) 570-2233
  Email: kgladstein@srgnc.com