Acquisition Criteria

Project Size	Minimum 100 units.
Equity Contribution	$2,000,000 to $25,000,000 per acquisition.
Asset Quality	Class B/C properties; other quality levels will be considered on a case by case basis.
Age	1970's to 2000's.
Design Type	All, with Garden style being the most preferred.
Acquisition Criteria	Properties requiring cosmetic or substantial rehab value add; under-performing properties due to market-related and/or management issues.
Acquisition "Complexity"	Unusual or difficult issues and problems will NOT preclude interest in a property.
Financing	New financing and in some cases all cash.
Cap Rates	Determined on a case-by-case basis.
Broker Relationships	Sourcing brokers will be protected and compensated for unlisted investment opportunities.