Sold 2014

370% Investment Return

• Acquired Alegre Apartments in San Antonio, Texas in April 2012
• 24 unit garden-style complex built in 1969
• Asset Quality: C
• We completed value-add improvements achieving the following:
  • Occupancy increased from 75% to 100%
  • $90,000 in capital improvements
• Sold November 2014 for a total return of 370% in 30 months

Sold 2014

95% Investment Return

• Acquired Aspen Chase Apartments in San Antonio, Texas in December 2014
• 143 unit garden-style complex built in 1966
• Asset Quality: C
• We completed the following value-add improvements:
  • Major upgrade to onsite & asset management
  • $500,000 in capital improvements
  • Achieved 8% cash on cash returns
• Sold September 2016
• San Antonio Apartment Association – Property of the Year 2014

Sold 2016

240% Investment Return

• Acquired Coral Gables in San Antonio, Texas in November 2013
• 28 unit garden-style complex built in 1974
• Location & Asset Quality: C
• Since acquiring the asset, we accomplished the following improvements:
• $100,000 completed capital improvements
• Increased rents 26%
• Improved curb appeal and management
• Sold November 2016 for a total return of 240% in 36 months

Sold 2017

232% Investment Return

• Acquired Darby Square in San Antonio, Texas in February 2015
• 74 unit garden-style complex built in 1986
• Asset Quality: C
• Improved operations and curb appeal, increasing resident satisfaction and
  occupancy to 96%
• Sold September 2017 for a total return of 232% in 30 months

Sold 2019

134% Investment Return

• Acquired Astoria Apartments Homes in San Antonio, Texas in July 2014
• 88 unit garden-style complex built in 1979
• Asset Quality: C
• Since acquiring the asset, we accomplished the following improvements:
  • Occupancy improved from 36% to 92%
  • Achieved rental growth of 50% on new leases
  • Refinanced after 2 years, in August 2016, returning 104% of investor capital while retaining ownership with projected 15% -18% annual returns
• Sold May 2019 for a total return of 134%

Sold 2019

154% Investment Return

• Acquired Aragon Place in San Antonio, Texas in January 2016
• 216 unit garden-style complex built in 1983
• Asset Quality: B
• We completed the following value-add improvements:
  • Replaced onsite management team
  • $950,000 in planned improvements
  • Occupancy increased from 80% to 92%
• Sold October 2019 for a total return of 154%