JLL | 1

BaltimoreS F R P O R T F O L I O

Rare opportunity to achieve immediate scale with 238 extensively renovated, strong performing single-family homes geographically concentrated in

desirable neighborhoods in Baltimore County, Maryland

JLL | 5

Jones Land LaSalle Americas, Inc. (“JLL”) acting as exclusive advisor to the Seller, is pleased to present the opportunity to acquire the fee simple interest in a Single-Family Rental (SFR) home portfolio (“Portfolio”) in the Baltimore, Maryland MSA, a well-established metropolitan area that stands as one of the nation’s wealthiest and most highly educated. The Portfolio is comprised of 238 largely homogenous homes that have recently undergone extensive renovations of nearly $55,000 per home on average to provide high-end, modern finishes that appeal to renters while also bringing many of the mechanical and structural systems in the homes to a like-new level.

Nearly all of the homes (95%) that comprise the Portfolio are located outside of Baltimore City in desirable suburban communities in Baltimore County. These homes were carefully selected in neighborhoods that attract renters due to their quality schools, low crime, and abundant employment opportunities. These locational factors coupled with the superior quality of the homes will allow a new owner to benefit from steady, stable cash flow for many years to come.

The Offering

6 | Baltimore SFR Portfolio

BALTIMORE PORTFOLIO OVERVIEW

# OF HOMES 238

AVERAGE SIZE* 1,494 SF

TOTAL SF* 242,238 SF

AGE RANGE 1913 - 2002

AVERAGE YEAR BUILT 1955

OCCUPANCY** 97.4%

AVERAGE RENT $ 1,850

AVERAGE RENOVATION COST $ 54,372

# OF UNIQUE ZIP CODES 17

*Includes basement square footage**Based on 233 homes that are currently in rent-ready condition

Executive Summary

Unit Mix

2.1%

71.4%24.4%

1.3%0.8%

2 BEDS 3 BEDS 4 BEDS 5 BEDS 6 BEDS

JLL | 7

ABILITY TO ACHIEVE IMMEDIATE SCALE WITH AN EXTENSIVELY

RENOVATED PORTFOLIO POISED TO DELIVER STRONG, STABLE

CASH FLOW

HIGH-QUALITY TENANT BASE UTILIZING GOVERNMENT-

BACKED VOUCHER PROGRAMS

HOMES CAREFULLY SELECTED WITHIN APPEALING

SUBURBAN NEIGHBORHOODS THROUGHOUT BALTIMORE

COUNTY

GROWING BALTIMORE MARKET EXHIBITING

STRONG APPRECIATION IN HOME VALUES AND

RENTS

Geographically concentrated within the Baltimore metro area, the homes are located within desirable suburban

neighborhoods across Baltimore County. The furthest two homes in the

portfolio are less than a 45-minute drive from one another.

95% of the homes are located in Baltimore County, outside of

Baltimore City, in neighborhoods that attract an upwardly mobile tenant base.

Nearly a quarter of the homes (54) are located within opportunity

areas, census tracts that the Baltimore Regional Housing Partnership has

identified as being ideal for the program’s voucher holders owing to

low crime, low poverty, good public schools, and abundant employment opportunities. Homes located outside

of the opportunity areas were also chosen for having similar merits in order

to attract a high-quality tenant base comprised largely of long-term renters.

As the 21st largest MSA in the nation, Baltimore is a well-established market

noted for a high concentration of employment in stable industries such

as education, medical services, and government. Additionally, Baltimore is seeking strong growth within its high-

tech sector that is driving growth to the city’s suburbs.

Owing to strong household formation and limited new supply, Baltimore’s

rental market has shown steady improvement with both rent and

occupancy on an upward climb. Single-family homes are a preferred rental

alternative over traditional multi-family communities, with single-family

rental homes in the Baltimore MSA commanding a 19% rent premium

over multi-family, according to Zillow and Costar.

Current ownership has invested nearly $55,000 per home on average

to cure deferred maintenance & enhance the aesthetics of each home. Typical renovation scopes include the

replacement and/or repair of roofs, HVAC’s, & plumbing. Meanwhile,

interiors were updated with granite countertops, undermount farmhouse

sinks, stainless steel appliances, modern light & plumbing fixtures, & new flooring.

These extensive renovations were completed with an eye toward

minimizing future capital needs and improving the appeal of the homes

to renters to create a desirable living experience that allows for higher rents,

lower operating costs & capex, & greater tenant retention. Providing

strong, predictable cash flow.

The Portfolio has been prudently accumulated over the past five years & now offers a new owner the ability to immediately achieve significant scale with a sizable, concentrated Portfolio

allowing for significant operating efficiencies and lower overall costs.

The majority of the homes (86%) are rented to tenants who utilize vouchers from the Baltimore Regional Housing

Partnership (BRHP) or Housing Choice Voucher Progam (HCVP), both of which are backed by the federal government.

With nearly 70% of the Portfolio’s rental revenue being paid by the government

programs, the Portfolio boasts virtually no delinquency or late payments,

providing stable collections and requiring less management oversight.

Tenants undergo a rigorous process in order to qualify for these highly coveted voucher programs, while they must also

behave in a proper manner in order to maintain their status in the programs. Further, the BRHP program requires all tenants to go through one year of

counseling plus on-going education on subjects such as personal finances and

tenant/landlord relations. Given the time, effort, and desirability of these

programs, the Portfolio’s tenant base is keenly focused on making timely rent

payments and taking great care of their homes.

Investment Highlights

8 | Baltimore SFR Portfolio

$ 54,372AVERAGE RENOVATION COST

PER HOME

InvestmentHighlights

18.8%RENT PREMIUM OF SFR VS.

MULTI-FAMILY

$327,636MEDIAN HOME VALUE IN

THE BALTIMORE MSA(CLARITAS)

68%AMOUNT OF RENT IN

THE PORTFOLIO PAID BY AGENCIES BACKED BY THE

FEDERAL GOVERNMENT

54NUMBER OF HOMES

LOCATED IN DESIGNATED OPPORTUNITY AREAS

(BALTIMORE REGIONAL HOUSING PARTNERSHIP)

(ZILLOW, COSTAR)

3.0MPOPULATION OF

BALTIMORE MSA; 21ST LARGEST IN THE U. S.

(U.S CENSUS BUREAU)

2020 K St NW #1100 | Washington, DC 20006

www.us.jll.com/capitalmarkets

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the portfolio to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other portfolio specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Portfolio may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved.

SALE INQUIRIES FINANCING INQUIRIES

JLL Capital Markets

Zach NolanSr. DirectorJLL Capital Markets+1 813 387 9906zach.nolan@am.jll.com

Matthew PuttermanSr. DirectorJLL Capital Markets+1 713 852 3524matthew.putterman@am.jll.com

Chris SheaManaging DirectorJLL Capital Markets+1 212 336 5483chris.shea@am.jll.com

Brian CrivellaManaging DirectorJLL Capital Markets+1 202 533 2522brian.crivella@am.jll.com

Bailey SmithAnalystJLL Capital Markets+1 813 387 9908bailey.smith@am.jll.com

Jarrod SmithAnalystJLL Capital Markets+1 813 387 9912jarrod.smith@am.jll.com