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EXECUTIVE SUMMARY    |    LOCATION HIGHLIGHTS    |    FINANCIAL ANALYSIS    |    MARKET SURVEY              43
          Tides at Calabash




                                                                 Property Details


                                                                 Address              7112 Town Center Road  Sunset Beach, NC 28468
                                                                 Units                168

                                                                 Sales Price          $12,600,000
                                                                 Price/Unit           $75,000
                                                                 Closing Date         August 20, 2014
                                                                 CAP Rate


          Fox Run Apartments




                                                                 Property Details

                                                                 Address              148 Wall Street  Camden, SC 29020
                                                                 Units                120
                                                                 Year Built/Renovated


                                                                 Sales Price          $9,790,000
                                                                 Price/Unit           $81,583
                                                                 Closing Date         June 27, 2014
                                                                 CAP Rate             6.55%



          Northwoods Townhomes




                                                                 Property Details


                                                                 Address              8150 Prestwick Court  North Charleston, SC 29406
                                                                 Units                150
                                                                 Year Built/Renovated


                                                                 Sales Price          $13,000,000
                                                                 Price/Unit           $86,667
                                                                 Closing Date         October 28, 2014
                                                                 CAP Rate
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