COLLIERS INTERNATIONAL

Multifamily Advisory Group Specialized Real Estate Investment ServicesAccelerating success.

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2011. All rights reserved. 042012

Colliers is the AnswerAs an investor in multifamily properties, you need a firm that provides

experience, broad reach and the ability to market (or locate) an asset no matter

how challenging the economic environment.

Colliers International has one of the largest and most experienced teams of

multifamily specialists in the industry, strategically located in key markets

throughout North America. Our combination of expertise, market dominance and

singular focus make us uniquely successful in helping our clients achieve their

acquisition and/or disposition objectives.

Whether you are selling a single asset or a national portfolio, use our combined

resources to obtain the best market information and achieve the highest price.

If expanding your portfolio is the objective, our local market relationships can

help you identify and acquire properties which meet or exceed your investment

goals.

How are we able to bring together the skills and tools necessary to complete challenging assignments? Colliers Multifamily Advisory Group is connected by purpose and focus. Our team is dedicated to sharing information on market opportunities, capital sources and buyers/sellers to achieve the best results for our clients.

BROKERAGE SERVICES

INVESTMENT SERVICES

CAPITAL MARKETS

REAL ESTATE MANAGEMENT

CORPORATE SERVICES

LOGISTICS & SUPPLY CHAIN

TECHNOLOGY SOLUTIONS

PROJECT MANAGEMENT

LAND & PROPERTY

CONSULTING

SERVICE LINES

Southeast RegionThe Southeast Region team, led by Ron Cameron and Will Mathews, is based in Atlanta, GA and is strategically organized to provide unparalleled service to the clients of the Multifamily Advisory Group. As the single point of contact, the Southeast Team will oversee all marketing, financial analysis, touring, buyer qualification, negotiations, due diligence and closing. Local Southeast team members will provide local knowledge and assist with certain due diligence items.

The Southeast team is in constant communication with its members to discuss local market conditions, active buyers and sellers and the financial environment. This collaboration provides the ability to guide clients through a variety of complex transactions, providing thoughtful strategy, comprehensive market data, detailed financial analysis and innovative marketing concepts. The 80+ years experience of the Southeast Region team with the local knowledge provides our clients with superior service and a competitive edge in the market.

Colliers Multifamily Advisory GroupWith more than 70 brokers, the Colliers Multifamily Advisory Group is one of the largest and most experienced teams of multifamily specialists in the industry. CMAG is made up of strategically located brokers in key markets throughout North America, whose sole focus is multifamily investments. Our combination of expertise, market knowledge and singular focus, make us uniquely successful in helping clients achieve their acquisition, disposition or financing objectives.

Colliers Investment Services Group (CISG)Colliers International’s elite team of institutional investment sales specialists sees beyond the bricks and mortar to analyze how property acquisition, ownership and disposition can accelerate the success of your financial portfolio.

We work with national and global institutions and investors to identify, evaluate and select assets that best complement their portfolio, income goals, and risk profile. This often requires complex analysis and innovative thinking to provide a defensible, well-researched strategy for asset acquisition.

When the time is right for disposition, we provide a clear competitive analysis and transaction history of comparable assets to maximize the property’s momentum in the market. Through our best-in-class marketing technology and our creative approach, we drive strong investor interest in properties. At the same time, we work with you to preserve confidentiality, minimize disruption to tenants and prevent surprises in the due diligence process.

Through our integrated platform, we offer owners debt placement, valuation and appraisal services, property assessment and management, and project management services to increase the asset’s income stream and overall value.

Our proven system of investment sales takes into account each investor’s unique priorities and weighted concerns for price, closure and risk. The outcome of our specialized approach is strategic development of the property’s competitive profile, speed to market and careful negotiation to ensure a smooth closure and the investment return.

RON CAMERON | SENIOR VICE PRESIDENT | ATLANTARon Cameron leads the Southeast Region team, with a sole focus on multifamily investments outside the state of Florida. Ron is a Senior Vice President in the Atlanta office of Colliers International and has been active in the real estate industry since 1981.

Prior to joining Colliers International, Ron worked with Primary Capital Realty Group where he was responsible for all facets of investment sales for multifamily, shopping centers and land. Ron has over 25 years of investment sales experience and has successfully closed over $1 billion in sales over the past 15 years.

WILL MATHEWS | ASSISTANT VICE PRESIDENT | ATLANTAWill Mathews brings a high intensity, customer satisfaction-driven personality to the Multifamily Investments Group. His primary role is sourcing and executing institutional quality assets. Prior to joining Colliers, William worked as the Director of Acquisition for Southeast Capital Companies. Will’s institutional acquisition and development experience provides his clients with an unparalleled level of service and the necessary tools to garner the most favorable terms. Will was a double major graduating with honors from the University of Georgia and completed his Masters in Building Construction from the Georgia Institute of Technology.

HEATHER FRANCIS | MARKETING COORDINATORHeather Francis has 10 years of experience in the marketing and analysis of multifamily, office and industrial commercial real estate assets. Her responsibilities include coordinating information from different sources and assisting in the preparation and distribution of packages used to solicit sale transactions. As Marketing Coordinator for the Atlanta office, Heather is responsible for the creation and implementation of company marketing strategies that assist the company and its brokers by enhancing their presence in the local marketplace.

JOE DEHAVEN | SENIOR FINANCIAL ANALYST Serving as the Senior Financial Analyst for the Atlanta office’s Multifamily Advisory Group, Joe DeHaven’s responsibilities include financial and debt analysis, market research, due diligence, and offering memorandum production.

Prior to working with Colliers International, Joe worked with Pollack Partners’ acquisition team where his focus was sourcing and underwriting complex multifamily acquisition opportunities across the southeast. Joe has a BA in Economics from Vanderbilt University, and recently earned his MBA from Goizueta Business School at Emory University where he focused his studies in real estate and finance. Joe is a 6 year veteran in the commercial real estate industry.

Experienced

Multifamily Investments Group

Capital MarketsBased out of Colliers International’s Atlanta office, the Capital Markets team arranges debt and equity financing for commercial real estate developers, investors and users.

SEVEN DEDICATED PROFESSIONALS WITH MORE THAN 27 AVERAGE YEARS OF EXPERIENCE

LONG-TERM RELATIONSHIPS WITH 17 CORRESPONDENT LENDERS AND ACCESS TO MANY MORE

CURRENTLY SERVICING 170 LOANS TOTALING OVER $750 MILLION

SINCE 2000, FINANCED OVER $2.39 BILLION OF OFFICE, INDUSTRIAL, RETAIL, MULTIFAMILY AND HOSPITALITY TRANSACTIONS

27

17

$2.39

YEARS

CORRESPONDENT LENDERS

TRANSACTIONS

LOAN VALUES$750

Updated May 2012

Experience

National Market Coverage

SOUTHWEST TEAMCindy CookeBrad Cooke

CALIFORNIA TEAM Kitty Wallace

NORTHWEST TEAM Dave Schumacher

Updated May 2012

Colliers International | USA Office

Recent & Pending Multifamily Transactions

FLORIDA TEAMJohn StoneJason Stanton

SOUTHEAST TEAMRon CameronWill Mathews

MIDWEST TEAMBrian Pohl

TEXAS TEAMTeresa Lowery

Marketing

Process6 STEPS TO A SUCCESSFUL SALE

Understand the asset fully and unveil the “hidden” value

Understand the capital structure, investment strategy and business objectives of the prospective buyer pool segments

Narrow the segmented investor pool into a list of high probability buyers who will be attracted to the assets based on the location, quality and exit opportunity

Develop an effective strategy and process to communicate the value of the assets to qualified prospective buyers

Have all material aspects of the due diligence identified and addressed at the time a buyer is selected to ensure a timely close and mitigate all false starts and re-trades during escrow

Have a hands-on approach throughout the entire process from listing to closing

1

2

3

4

5

6

MARKETING TIME LINE

PHASE ONE - PRE-MARKETING

> Execute exclusive listing agreement

> Gather due diligence information

> Review financials and rent rolls

> Discover hidden values

> Photograph asset(s)

> Gather and create site plans, floor plans, renderings

> Create rough draft of brochure

> Create rough draft of offering memorandum

> Establish initial contact list

> Create internet based marketing materials

PHASE THREE - PROSPECT SOLICITATION

> Conduct property tours

> Assist with potential buyer underwriting

> Contact all initial offers

> Identify buyer

PHASE FOUR - DUE DILIGENCE AND ESCROW

> Negotiate purchase and sale agreement

> Execute purchase and sale agreement

> Open escrow

> Coordinate buyer’s debt placement

> Distribute due diligence documentation

> Coordinate and conduct site inspections

PHASE FIVE - CLOSING PERIOD

> Resolve title issues (if necessary)

> Remove all contingencies within escrow including financing

> Finalize prorations

> Review settlement statement with escrow officer

> Obtain and confirm all documentation from buyer, seller and lenders

> Confirm transfer of funds

> Close escrow

PHASE TWO - MARKETING

> Invite target buyers to review information

> Publish property brochure

> Distribute executive summaries and brochures to initial contact list

> Publish offering memorandum

> Personally contact each prospect

> Expand to national and international database

> Initiate full exposure

Phase OnePhase Two

Phase ThreePhase Four

Phase Five1 2 3 4 5 6 7 8 9 10 11 12

weeks

TARGETED MARKETING

1. Institutional Investors

2. Private Investors

3. REITs / Pension Funds

4. Foreign Investors

5. Local, National and Global Brokerage Community

6. Colliers International Network

Because the successful and timely closing of the sale is our ultimate objective, Colliers prefers to remain actively involved through the escrow and closing. Realizing that representatives of both buyer and seller will be actively involved, we will be familiar with the objectives of both parties to help facilitate correct communications, negotiations and the closing process

Partnering for Success

Marketing

Approach“A NEW APPROACH FOR A NEW MARKET”There is a high demand for multifamily acquisitions. The brokerage team will use its extensive skills, strategies and unique database of existing leads created over the years of specializing in large multifamily investments in order to maximize the value and accelerate the sale of the property.

TARGETED MARKETING > Unmatched proprietary database of vetted buyers and sellers in the market

> Focus on size-specific multifamily investment groups

> Personalized contact with key decision makers

> Utilization of Real Capital Markets (RCM) for “broadly” marketed listings

BROKER/REFERRAL MARKETING > Local and national listing services

> Foster referral marketing through demonstrated performance

> Leverage vast network of local and national brokerages

PRINT MEDIA > Customized brochures showcasing property attributes

> Market and demographic information

> Property floor plans, site plans and photos

> Access and amenities aerial maps

ELECTRONIC MEDIA AND MOBILE MARKETING > Email campaigns

> Digital collateral

> Customized property website with mobile accessibility

> Leverage valuable social media channels (Twitter, LinkedIn, etc)

OUTBOUND & INBOUND MARKETING > Reach beyond traditional “outbound” marketing tactics to engage prospects

> Engage in “inbound” techniques of social media, blogging and webinars

> Produce relevant, knowledge-driven content to encourage dialogue with interested prospects

ACCOUNTABILITYThe Colliers Multifamily Advisory Group understands the communication and reporting are key to developing and maintaining positive relationships with buyers and sellers. Whether multi-state portfolios or single asset dispositions, CMAG will develops a customized virtual collaborative website.

> Easy navigation through online document libraries

> Weekly and monthly tracking reports

> Regional contact information

> Client dashboards

> Email alerts

> Market data

> Marketing collateral

> Agreements and contract storage

CREATIVE MARKETING › Partnering with our institutional clients to identify the right buyers for the right assets

› Customizing a positioning strategy to fulfilled predetermined needs and objectives

› Creating high quality print and digital collateral and implementing marketing strategies

RAPID CONNECTION TECHNOLOGY › Colliers International’s cutting-edge technology platform enhances collaboration, efficiency and transparency

› Proprietary cloud-based tool, the Colliershub, manages our vast knowledge base, increases cross-market communication and exposes existing relationships across our deep bench of local market experts

IN-DEPTH RESEARCH › Colliers International’s cutting-edge technology platform enhances collaboration, efficiency and transparency

› Proprietary cloud-based tool, the Colliershub, manages our vast knowledge base, increases cross-market communication and exposes existing relationships across our deep bench of local market experts

Success StoryVILLAS AT KENNESAW, VILLAS AT NEWNAN,

VILLAS AT SUGARLOAF & VILLAS AT WEST RIDGE APARTMENTS

CHALLENGEThe four property portfolio was encumbered by four separate agency loans, three of which were cross-collatoralized with other seller owned assets outside this group. The seller had to increase his guarantee on the remaining (non-selling) properties so the overall portfolio debt service coverage remained the same.

STRATEGYThe Colliers Multifamily Advisory Team was the exclusive sales agent for Busbee Development, LLC.

RESULTSThe assumption process occurred as a result of the increased guaranty and, in doing so, the sale successfully closed in November 2011. The added delay in resolving this dilemma allowed the properties to take advantage of the positive trends in the submarkets, resulting in higher overall going in cap rates.

SELLERBusbee Development, LLC

BUYERIron Gate(Private Capital / Institutional Capital)

THE FACTS# of Units: 1,168Built: 2003 - 2008Closing Date: 11/22/2011

THE NUMBERSClosing Price: $106,500, 000Price / Unit: $91,182

TEAMRon Cameron

Updated May 2012$68BTRANSACTION VALUE

$1.8BIN REVENUE

1.25B SFUNDER MANAGEMENT

62COUNTRIES

12,300PROFESSIONALS

522OFFICES

The Colliers International

Advantage

Colliers International is a leading global real estate services organization defined by our spirit of enterprise. Through our culture of service excellence and a shared sense of initiative, we have integrated the resources of real estate specialists worldwide to accelerate the success of our clients.

Our headquarters in Seattle, Washington and more than 522 offices worldwide share a common brand and vision to provide the best service experience available.

To us, that means empowering our service teams to partner with each client, truly listen to their unique business needs and design an integrated service offering. Our goal is to make your property a competitive business advantage and ensure your entire range of property needs are met.

We also challenge our professionals to go the extra mile in their attitudes and actions, allowing our values of expertise, community, service and fun come through in everything we do.

Most commercial real estate firms are either loose networks of variously owned companies, or a tightly controlled corporate structure. Colliers International has created a unique operating model, combining the power and accountability of a global enterprise with local equity and flexibility.

We are backed by the financial strength of FirstService Corp., a strong, diversified capital partner, allowing us to invest in major client resources.

Updated May 2012

Ranked US Real Estate CompanyMULTI-HOUSING NEWS 2011

www.multi-housingnews.com

January 2011

2011 Apartment Industry Forecast Green Performance:

Benchmarking Tools Managing Distressed

Multifamily Assets

The Leasing Landscape

What’s Working Now

www.multi-housingnews.com

January 2011

2011

™

Founding member of the World Green Building Council

Member of World Economic Forum

The second-most-recognized commercial real-estate brand (2011 Lipsey Survey)

Ranked #2 in 2010 global transaction volume

Ranked #1 real estate company (January, 2011)

Named Top 100 service provider more times than any other real estate firm

RON CAMERONDIRECT +1 404 877 9287ron.cameron@colliers.com

WILL MATHEWSDIRECT +1 404 877 9285will.mathews@colliers.com

Colliers International 1349 West Peachtree Street, NETwo Midtown Plaza, Suite 1100Atlanta, Georgia 30309 | United StatesMAIN +1 404 888 9000www.colliers.com