MULTIFAMILY CAPABILITIES OVERVIEW FIRST HALF 2015

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MULTIFAMILY

CAPABILITIES OVERVIEW

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01

Multifamily Overview

Large Multifamily

02

Deals

03

Multifamily Market

Coverage

04

Top GSE Lenders

05

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CBRE MULTIFAMILY

CBRE Multifamily continues to set the bar as the industry leader. With the most powerful platform, covering all facets of the apartment industry, we provide our clients access to the most experienced and highly specialized professionals in every market. In terms of total dollar volume, CBRE has completed more apartment property transactions than any other brokerage firm in the United States since 2001, according to Real Capital Analytics.

CBRE’s Capital Markets platform, comprised of property sales, finance and investment banking businesses, works as a seamless, fully integrated service offering to assure clients that all investment strategies are evaluated. As the recognized worldwide leader in advising our clients on the purchase and sale of income-producing properties, debt and structured finance, and entity-level consultancy and execution, we offer complete capital markets solutions everywhere around the globe. In this challenging market, our professionals have the expertise in the multifamily market to effectively execute on every deal. CBRE Multifamily integrates market research with proprietary investor databases, allowing us to analyze market cycles, anticipate trends and command capital in local, national and global markets. Our clients also benefit from leading edge commentary and statistical data, provided by CBRE Econometric Advisors, on topics across every facet of investment real estate. We set the industry standard for market intelligence by utilizing our integrated network of professionals and our vast commercial real estate database.

SPECIALTY AREAS OF OUR PLATFORM • Asset acquisition and disposition • Freddie Mac Program Plus

Seller/Servicer

• Fannie Mae DUS® Lender • FHA Direct Lender • Economic research and

forecasting

• Student Housing • Senior Housing • Manufactured Housing • National Tax Credit

Advisory Group • HUD/Affordable

Housing Advisory

»

$21.4B

in Capital Markets Multifamily transactions in 1H 2015

»

Average annual investment sales production volume of $12.6B since 2003

»

More than 300 dedicated professionals located in 65 offices across the U.S.

»

Named “Top U.S. Apartment Broker” by Real Capital Analytics since 2001

MULTIFAMILY OVERVIEW

Source: Real Capital Analytics

FIRST HALF 2015 APARTMENT SALES RANKINGS

$14.0

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$0.0

$ Billions

Marcus &

Millichap Newmark Grubb Knight Frank HFF Cushman & Wakefield

$11.81

$5.72

$4.95

$3.96

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MULTIFAMILY OVERVIEW CONT.

KNOWLEDGE IS POWER

Our Research Supports Your Continued Success

By integrating market research with proprietary investor databases, CBRE Multifamily analyzes market cycles, anticipates trends and commands capital in local, national and global markets. Our clients also benefit from leading edge commentary and statistical data, provided by CBRE Econometric Advisors, on topics across every facet of investment real estate.

Our knowledge is organic, meaning our teams do not have to wait on third party vendors for market data essential to underwriting and closing a deal. We set the industry standard for market intelligence by utilizing our integrated network of professionals and our vast commercial real estate database.

Source: CBRE Capital Markets

*Excludes partial interest sales at the prorated sale prices; excludes sales under $2.5 million

CBRE MULTIFAMILY SALES VOLUME: 2005 - 1H2015*

Number of Sales Transactions Sales Volume 2006 2007 2008 2009 2010 2011 2012 2013 2014 $30 $25 $20 $15 $10 $5 $0 900 800 700 600 500 400 300 200 100 0 $ Billions

Union Wharf | Baltimore, MD The Taylor | Dallas, TX

2005

Transactions

Source: CBRE Capital Markets

CBRE MULTIFAMILY LOAN ORIGINATIONS: 2005 - 1H2015

Number of Loan Originations Origination Volume 2006 2007 2008 2009 2010 2011 2012 2013 2014 $16 $14 $12 $10 $8 $6 $4 $2 $0 800 700 600 500 400 300 200 100 0 $ Billions 2005 Transactions 1H15 1H15

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THE POWER OF CBRE CAPITAL MARKETS

CBRE Capital Markets is the premier provider of commercial and multifamily financing and investment sales. In addition to our relationships with correspondent life companies and institutional lenders, our fully integrated platform provides seamless access to Fannie Mae, Freddie Mac and FHA financing programs. As a licensed Freddie Mac Seller/Servicer, approved Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, FHA-approved direct lender and correspondent life company lender, the CBRE Capital Markets lending platform provides a dedicated source of multifamily financing to clients nationwide. With specialized Debt & Structured Finance professionals in every major market, CBRE provided $9.61 billion in apartment financing across the United States for first half 2015.

FREDDIE MAC

CBRE’s Freddie Mac Seller-Servicer lending platform has been named the top multifamily lender by Freddie Mac since 2009, with a total of $4.2 billion in first half 2015. In the past five years, CBRE Capital markets has originated more than $25 billion in Freddie Mac transactions, an average of more than $5 billion per year. CBRE has been ranked among the top three Freddie Mac lenders every year since 2004.

FANNIE MAE

CBRE Capital Markets became a Fannie Mae DUS lender in April 2008 and since then has completed more than $13.7 billion in CBRE Fannie Mae debt placement transactions. In first half 2015, the group closed a total of $2.3 billion. Through the DUS program we are able to provide flexible and attractive multifamily financing nationally. Fannie Mae is always in the market, and we control the underwriting and loan approval under the DUS program. This allows us to provide our clients with responsive service and certainty of execution on Fannie Mae’s full complement of highly competitive multifamily products. The DUS program’s many rate options and product features allow us to structure transactions to meet and exceed the unique requirements of our borrowers.

FHA LENDING

CBRE is an FHA-approved direct lender offering the full array of FHA multifamily mortgage insurance programs. Competitive financing solutions are available for multifamily rental, cooperative, seniors and health care properties for new construction, substantial rehabilitation, moderate rehabilitation, refinance and acquisition. We also specialize in affordable housing involving low income housing tax credits and tax-exempt housing bonds. In first half 2015, CBRE closed $127.4 million in FHA loans.

In addition to a strong agency lending platform, CBRE conducts a tremendous Capital Advisory business. These relationships include:

• Banks • Life Companies • CMBS Lenders • Loan Sales • Private Investors • Pension Funds/Advisors • Credit Companies • REITS

• Advisory & Consulting Assignments

Source: CBRE Capital Markets; 1H2015 CBRE Debt & Structured Finance Multifamily Financings

$9.61B

FREDDIE MAC FANNIE MAE FHA LIFE COMPANY BANK CMBS LENDER OTHER $4.2B $2.3B $.1B $.7B $1B $.5B $.7B

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RECENT LARGE MULTIFAMILY DEALS

8TH & HOPE

# OF UNITS 290

PRICE $200M

LOCATION Los Angeles, CA

GRAMERCY AT METROPOLITAN PARK

# OF UNITS 399 PRICE $190M LOCATION Arlington, VA THE PETERSFIELD # OF UNITS 199 PRICE $167.5M

LOCATION New York, NY

ROLLIN STREET FLATS

# OF UNITS 208 PRICE $137.6M LOCATION Seattle, WA BURNHAM POINTE # OF UNITS 298 PRICE $126M LOCATION Chicago, IL 222 HENNEPIN # OF UNITS 286 PRICE $109M LOCATION Minneapolis, MN WATERGATE VILLAGE # OF UNITS 608 PRICE $105M LOCATION Annapolis, MD AMLI DADELAND # OF UNITS 350 PRICE $104.5M LOCATION Miami, FL ATLANTA PORTFOLIO # OF ASSETS/UNITS 3/691 PRICE $153M LOCATION Atlanta, GA

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ABBEY RESIDENTIAL PORTFOLIO

# OF ASSETS/UNITS 3/1,254

LOAN AMOUNT $111M

LOCATION Houston, TX

THE FOUNTAINS PORTFOLIO

# OF ASSETS/UNITS 15/3,804

LOAN AMOUNT $410M

LOCATION 11 States

MADISON PARK APARTMENTS

# OF UNITS 768

LOAN AMOUNT $88M

LOCATIONS Anaheim, CA

MARINERS BAY APARTMENTS

# OF UNITS 379

LOAN AMOUNT $96.4M

LOCATION Marina del Rey, CA

FAIRWAYS AT TOWSON # OF UNITS 832 LOAN AMOUNT $82.3M LOCATION Baltimore, MD HOUSTON PORTFOLIO # OF ASSETS/UNITS 3/1,254 LOAN AMOUNT $111M LOCATION Houston, TX

RECENT LARGE MULTIFAMILY DEALS | FINANCING ASSIGNMENTS

ONE MUSEUM PLACE

# OF UNITS 44

LOAN AMOUNT $40M

LOCATIONS Atlanta, GA

MINNEAPOLIS/ST. PAUL PORTFOLIO

# OF ASSETS/UNITS 5/1,422 LOAN AMOUNT $62.6M LOCATION Minneapolis, MN RANGER PORTFOLIO # OF ASSETS/UNITS 36/2,528 LOAN AMOUNT $348.6M LOCATION 10 States

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MULTIFAMILY U.S. MARKET COVERAGE

CA AZ TX IL PA NJ GA FL VA NC NM OH IA MI HI TN WA CO WI NY IN CT MO OR MN Milwaukee Seattle Portland MInneapolis De Moines Chicago St. Louis Detroit Lansing Grand Rapids Toledo Cleveland Columbus Cincinnati Pittsburgh Philadelphia Buffalo NV Reno Las Vegas Denver Memphis Atlanta Phoenix Tucson Albuquerque Dallas Houston San Antonio Austin Oklahoma City Tulsa OK Kansas City San Diego Anaheim Newport Beach Ontario South Bay San Jose San FranciscoOakland

Sacramento Walnut Creek Miami Tampa Jacksonville Orlando Ft. Lauderdale West Palm Beach Naples/ Ft. Myers Indianapolis Nashville Charlotte Greensboro _Raleigh Boston Hartford Stamford New York City Saddle Brook Norfolk Richmond Washington, DC McLean Baltimore Honolulu Los Angeles L.A. North/Ventura Co.

Beverly Hills AR Fayetteville Charleston SCColumbia Greenville

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TOP GSE LENDERS

FREDDIE MAC ORIGINATIONS

Total # Avg.

1 CBRE Capital Markets $5,911 305 $19.40

2 Berkadia $4,578 206 $22.20 3 Walker & Dunlop $3,626 207 $17.50 4 Wells Fargo $2,371 84 $28.20 5 NorthMarq Capital LLC $2,191 146 $15.00 6 HFF, L.P. $2,040 110 $18.50 7 KeyBank $1,884 99 $19.00

8 CCRE $1,647 75 $22.00

9 Prudential Mortgage Capital $1,102 51 $21.60 10 Hunt Mortgage Group $809 48 $16.90 11 PNC Real Estate $806 58 $13.90 12 Meridian Capital Group $693 29 $23.90

13 JLL $629 47 $13.40

14 Oak Grove Capital $460 36 $12.80 15 Grandbridge Real Estate Capital $420 41 $10.20 16 M&T Realty Capital Corporation $190 10 $19.00 17 Greystone $169 18 $9.40

COMBINED GSE

Total # Avg.

1 Berkadia $8,872 534 $16.61

3 Walker & Dunlop $8,474 588 $14.41 4 Wells Fargo $7,015 364 $19.27 5 Prudential Mortgage Capital $4,355 193 $22.56

6 CCRE $3,644 202 $18.04 7 PNC Real Estate $3,599 260 $13.84 8 KeyBank $3,402 241 $14.12 9 Greystone $3,138 365 $8.60 10 NorthMarq Capital LLC $3,044 222 $13.71 11 HFF, L.P. $2,839 167 $17.00 12 Meridian Capital Group $1,859 110 $16.90 13 Hunt Mortgage Group $1,847 196 $9.42 14 Red Mortgage Capital $1,679 175 $9.59 15 Arbor Commercial Mortgage $1,650 312 $5.29 16 Oak Grove Capital $1,354 133 $10.18 17 M&T Realty Capital $1,334 93 $14.34

FHA/HUD ORIGINATIONS

Total # Avg.

1 Red Mortgage Capital, LLC $1,679 175 $9.60 2 Greystone $1,368 114 $12.00 3 Berkadia $1,350 144 $9.40 4 Lancaster Pollard Mortgage $1,237 217 $5.70 5 Wells Fargo $1,230 95 $12.90 6 Prudential Mortgage Capital $988 70 $14.10 7 Walker & Dunlop $848 116 $7.30 8 P/R Mortgage & Investment $645 95 $6.80 9 Love Funding $473 76 $6.20 10 Oppenheimer $471 62 $7.60

11 KeyBank $437 43 $10.20

12 PNC Real Estate $429 61 $7.00 13 Oak Grove Capital $411 55 $7.50 14 Rockport Mortgage $404 46 $8.80 15 Gershman Mortgage $296 35 $8.50 16 Draper and Kramer, Incorporated $279 25 $11.20

17 CBRE Capital Markets, Inc. $233 19 $12.20

FANNIE MAE ORIGINATIONS

Total # Avg.

1 Walker & Dunlop $4,000 265 $15.10 2 Wells Fargo $3,414 185 $18.50 3 Berkadia $2,944 184 $16.00

5 PNC Real Estate $2,364 141 $16.80 6 Prudential Mortgage Capital $2,265 72 $31.50

7 CCRE $1,997 127 $15.70

8 Arbor Commercial Mortgage $1,650 312 $5.30 9 Greystone $1,601 233 $6.90 10 Meridian Capital Group $1,166 81 $14.40 11 M&T Realty Capital $1,144 83 $13.80 12 KeyBank $1,081 99 $10.90 13 Hunt Mortgage Group $1,038 148 $7.00 14 NorthMarq Capital LLC $853 76 $11.20 15 HFF, L.P. $799 57 $14.00 16 Oak Grove Capital $483 42 $11.50 17 Grandbridge Real Estate Capital $328 31 $10.60

Source: MBA Commercial Real Estate/Multifamily Finance Annual Originations Rankings 2014.

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CBRE GLOBAL PLATFORM

GLOBAL RESIDENTIAL

CBRE Residential provides residential services across the globe, backed by the experience and knowledge of the world’s largest commercial real estate firm.

The global residential team maintains a constant dialogue and information sharing to make the most of our international members and ensure we are fully informed to provide the very best information for our clients. Our local agents are often the market leaders in their area.

CBRE offers strategic advice and execution for

11/05/08 DON LIM Director Seoul, Korea ANTON EILERS Executive Director Beijing, China REBECCA SHUM Executive Director Hong Kong DAVID MILTON Managing Director

Australia & New Zealand

JOSEPH TAN Executive Director

Singapore

DAVID MONTRESSOR Executive Vice President

Toronto, Canada

PETER DONOVAN Senior Managing Director

Boston, USA

MARK COLLINS Head of Residential

United Kingdom

TIM GIFFORD Senior Vice President

Miami, USA

residential and multifamily assignments worldwide. As the global leader in real estate services, our residential platform is the premier source of information on cross-border residential capital markets.

The international presence of CBRE is undeniable. As a result of technology-supported information sharing, and dedicated global leadership, clients have access to global capital and intelligence through the Company’s international offices. In 2014, this collaboration resulted in significant global activity of $284.9 billion in total transaction value for all property types.

GLOBAL SERVICE LINES

• Asset Acquisition and Disposition • Access to international capital,

investors and owners • Market positioning advice

• Development and project marketing consultancy services

• Overseas marketing • After-sales services

• Corporate residential portfolio management

MULTIFAMILY AND RESIDENTIAL SERVICES COVERAGE WORLDWIDE

ALI ZAHED Managing Director

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CORPORATE OVERVIEW

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 372 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Whether it is a local, national or global assignment, CBRE applies insight, experience, intelligence and resources to help clients make informed real estate decisions. The many strengths that CBRE brings to each transaction include:

• An intimate knowledge of virtually every major market in the world • Intellectual capital and technological resources that develop and deliver

superior analytical, research and client service tools to its professionals • A proven track record of meeting diverse client needs

• Leadership positions in all service lines

• An organizational structure that harnesses the firm’s collective expertise

2012: Wall Street Journalcites

CBRE as the best real estate brand

2013: CBRE acquires Norland

Managed Services Ltd, the leading provider of building technical engineering services in the U.K. and Ireland

2014:CBRE voted Fortune’s most

admired real estate services company for fourth consecutive year

2007: Company pledges to become

carbon-neutral—making CBRE the first commercial real estate services company to announce such a goal

2008: Firm becomes first real estate

services company ever included among the Fortune 500

2011: CBRE becomes the first global

real estate services company to achieve carbon neutrality

CBRE acquires ING’s investment management business in Europe and Asia

1906

Founded in

San Francisco Company expands both its service portfolio and geographic coverage to become a full-service provider with a growing presence in all major U.S. markets National accounts program is established Torto Wheaton Research is acquired— later becomes known as CBRE Econometric Advisors (CBRE-EA)

1970s and 1980s

First global outsourcing client is secured; company moves aggressively to accelerate growth and cultivate global capabilities to meet client demands

CBRE Global Investors is formed as the company’s investment management subsidiary L.J. Melody & Company is acquired— later becomes known as CBRE Debt & Structured Finance

Acquires leading firms to increase service offerings and becomes first real estate services firm with a platform to deliver global real estate services

1990s

2003:CBRE becomes the largest

commercial real estate services leader

2004: Firm completes initial public

offering and begins trading its Class A Common Stock on the New York Stock Exchange

2005:Recognized as Fortune 1000

Company, the only commercial real estate firm on the distinguished list

2006:CBRE merges with Trammell

Crow Company to create a real estate services firm with unprecedented scale, scope and service offerings

2000s

CBRE now possesses the most comprehensive service offering, broadest geographic reach, sharpest market intelligence and brightest talent in the industry

CBRE TODAY

2014 GLOBAL BROKERAGE RANKINGS ALL PROPERTY TYPES*

Source: Real Capital Analytics. *Based on independent reports of properties and portfolios $10 million and greater.

$120.0

$100.0

$80.0

$60.0

$40.0

$20.0

$0.0

$ Billions

Cushman & Wakefield Savills Eastdil Secured Jones Lang LaSalle $96.2 $78.2 $61.5 $28.9 $28.8

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GLOBAL PRESENCE

CBRE’s global footprint aligns perfectly with the migration of global capital. CBRE lives where the capital lives and has been there for decades — Asia, the Pacific, throughout the Americas and EMEA. CBRE not only know this capital intimately, but escorts it and advises it as it migrates from one market to another and from one part of the world to another.

In 2014, CBRE completed sales and lease transactions with a total value of $284.9 billion, representing 60,000 lease transactions valued at $108 billion and 20,975 property sales transactions valued at $176.9 billion. In addition, CBRE completed $33.8 billion* in loan originations, serviced $144.7 billion**

Corporate Locations Affiliate Locations

in loans in 2014, as well as completed 134,525 valuation and advisory assignments last year. Despite the firm’s preeminence in the global market, CBRE believes that the true meaning of success is defined by constantly meeting clients’ needs through quality, reliability and superior service delivery worldwide. This driving force has resulted in extensive global recognition.

*Includes loan sale advisory, ** Includes loan serviced by GEMSA, a joint venture between CBRE Capital Markets and GE Capital Real Estate CORPORATE LOCATIONS

AFFILIATE LOCATIONS

All marks displayed on this document are the property of their respective owners.

GLOBAL RECOGNITION

Only commercial real estate services company in the Fortune 500 Highest ranked real estate services and investment company for four consecutive years

#1 brand for 13 consecutive years #3 outsourcing company across all industries; #1 among real estate services firms for five consecutive years

Global Real Estate Advisor of the Year two years in a row

Only commercial real estate services firm included on the Forbes Global 2000 for third year in a row

Top real estate services company in “green” rankings

U.S. EPA 2014 ENERGY STAR for seven consecutive years

Named a World’s Most Ethical Company for two years in a row

Named to Honor Roll for seven consecutive years

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CBRE BUSINESS ACTIVITY STATISTICS 2014

Countries

a

_Offices

b

Coverage

Transactions

SALES

LEASING

Employees

c

TOTAL

TRANSACTION VALUE

Value

Transactions

$284.9B

Transactions

Value

372

44 5 2

,

0 0

3.7B SF

$33.8B

$144.7B

$90.6B

$5.4B

134,525

$40.6B

20,975

$176.9B

60,000

$108.0B

Property & Corp Facilities Managed e Valuation & Advisory Assignments Loan Originations f Loan Servicing g Investment Assets Under Management Development in Process h Project Management Contract Value i

6,600 Sales & Leasing Professionalsd

a. excludes 20 countries covered by affiliate offices

b. excludes 90 affiliate offices c. excludes approximately 4,275 affiliate employees

d. excludes affiliate sales & leasing professionals; includes approximately 125 mortgage brokerage professionals e. includes 0.2 billion sq. ft. managed by affiliate offices f. includes loan sale advisory g. includes loans serviced by GEMSA, a joint venture between CBRE Capital Markets and GE Capital Real Estate

h. includes $0.3 billion of Long-Term Operating Assets (projects that have achieved a stabilized level of occupancy or have been held 18-24 months following shell completion or acquisition)

i. includes $23.9 billion of projects that were in process as of December 31, 2014

CBRE’S CAPABILITIES EXTEND

BROADER AND DEEPER

THAN ANY OTHER

REAL ESTATE SERVICES

PROVIDER, OFFERING

UNPARALLELED TOOLS

AND RESOURCES,

LEVERAGE, CREDIBILITY,

MARKET COVERAGE

AND LOCAL EXPERTISE.

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© Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist.