Greystar Real Estate Partners Bay Area Management, Investment, & Development Overview

1. Greystar Real Estate PartnersBay Area Management, Investment, & Development Overview 16th Annual Developers Forum Bay Area Apartment Association

2. Overview Based in Charleston, South Carolina, Greystar has a presence in over 88 markets nationwide supported by 16 city offices. With multiple lines of business and over 170,000 units managed across the United States, Greystar’s vertically integrated business model leverages expertise across multiple disciplines to provide turnkey solutions and seamless execution. Since inception in 1993, Greystar’sfocus has been solely on multifamily real estate – a focus that is maintained today. Executive Leadership Bob Faith Chairman & Chief Executive Officer Bill Maddux Chief Operating Officer Derek Ramsey Chief Financial Officer Stacy Hunt Executive Director – Client Services Andrew Livingstone Executive Director – Real Estate Services Wes Fuller Executive Director – Investment Services Scott Wise Executive Director – Development & Construction 2

3. Structure “We know the real estate business is cyclical, but our balanced focus on both the service side of the business and the principal side gives us opportunities to grow wherever we are in the cycle.” GREYSTAR REAL ESTATE PARTNERS Client Services Principal Activities • 4 Regional offices • 16 City offices • 70+ Markets • 140,000+ Units Managed • 4,000 Employees Property Management • National Coverage • 15,500 Units • $1.5B Managed • 25 Employees • Expertise across multiple product classes and investment strategies Asset Management • National Coverage • 11,500 Units • 20 Employees • $2.75B Invested since inception Development Investment • 4,000 Units • $350M Development pipeline • 15 Employees • In-house construction Transaction Management Capital Projects • National Coverage • 20 Employees • 81 Acquisitions • 52Dispositions • Numerous debt and equity relationships • 7 Regional offices • $250M – renovation volume in last 3 yrs • Asset preservation best practices • 20 Employees Residential Types Market Rate Housing Student Housing Senior Housing Affordable Housing 3

4. Clients Greystar has proven its ability to protect and enhance value for many of the largest institutional owners in the country. Organic growth through repeat business, customer referrals, and a reputation as a blue chip organization. 6

5. Bay Area Management Presence Strong Local Presence • Tampa Management • 24 Properties, 7708 units • Lease-ups • Renovations • Stabilized Properties Seneca • Leadership Team • National Division Office • Andrew Livingstone • SE Regional Office • Gary Crane • Jim Fawcett-Florida • City Office • Lori Krull • 4 Regional Managers

6. Bay Area Development Presence Seneca at Cypress Creek – Opened in June 2009 Seneca at Cypress Creek Cypress Creek, Pasco Co., FL 451 units, 2009, Class A

7. Seneca at Cypress Creek Site Aerial Hwy 54

8. Seneca at Cypress Creek • Sustainable Land Plan • 28 Acre wooded site – 46% tree save including specimen trees and unique clusters • Surface water – Conservation easements for Cypress Creek and critical linkage • Protected species – 14 gopher tortoise contained and relocated offsite • Property Description • 28 Apartment Buildings • 3-story garden and townhouse • Stucco / Hardi exteriors • Direct access garages • Screened Lanais • Controlled Access

9. Seneca at Cypress Creek • Amenity Package • Controlled Access Gates • Business Center & Cyber Cafe • Game Room with Billiards • Resort style pools • Outdoor Fire Pit • Cabana and grill poolside • 24/7 Cardio/Fitness Center w/ Spinning Room • Bark Park • Plenty of open air space/courtyards • Services Included • Spot on Maintenance Team • Door to Door Valet Trash & Recycling • Package Receiving • Planned Social Events • Pest Control

10. Seneca at Cypress Creek • Clubhouse features • Leasing Center • Business Center • Cyber Cafe • WiFi club room • Home theater • Game Room w/ Billiards

11. Resident Business Center

12. Game and Media Room

13. Clubhouse and pool area

14. Seneca at Cypress Creek • Fitness Center • 2,000 SF gym • Free Weights, Cardio, Universal • Kid’s playroom • Wii Fit gaming gear • Spinning/group room

15. Natural Area with picnic/grill areas

16. Seneca at Cypress Creek • Resort-style pool • Three deck/water elevations • California kitchen, fire pit • WiFi and surround sound • Screened porch seating area

17. Seneca at Cypress Creek • Diverse Unit Mix • One (645 – 981 SF) - 40% • Two (947 – 1340 SF) - 46% • Three (1321 – 1379 SF) - 4% • 2 BR TH (1507 SF) - 6% • 3 BR TH (1611 SF) - 5% • Modern Features • 9’ ceilings • Open floor plans • Screened in Lanias/Bonus rooms* • 42” maple cabinets • Kitchen Island/Bar* • Wood Plank Floors • Black on Black/Silver Metallic* GE Appliances w/Microwave • Washer / Dryer provided

18. Home of the WOW Kitchen!

19. Marketing Plan • Property Website • Marketing collateral • Brochures • Business Cards • Direct Mailers • Business Marketing Pieces • Print Advertisements • Guide Books • News Releases • Internet sites • Apartments.com • internet sites affiliated with print advertisers • Craigslist.com • Social Media campaign –Facebook/Twitter • Drive-by appeal • Signage (front entrance) • Banners on County Line Road • Billboard on 54 • Landscaping • Human Directionals • Social Events • Resident Activities • Grand Opening in May 2010 • Annual Haunted House • Pool Parties

20. Traffic, Leases and Closing Ratio by Source

21. 50 46 31 20092010 Average Traffic per month: 105 112 Average # of NET leases per month: 24 32 Net Closing Ratios 23% 28%

22. Demographics

23. Seneca at Cypress Creek 90% Occupancy YE 2009

25. quotes to live by: Prospect MMFI - make me feel important!! -------------------------------------------------------------------------- Customers are the center of the universe. Help them and in turn you’ll be awash with opportunity Sean Storms, TBJ ------------------------------------------------------------------- What TEAM SENECA lives by: Price is what you pay, Value is what you GET! Warren Buffett Build it they will come, manage it and they will stay! Developer!

26. A Fully Integrated Multifamily Service Provider Greystar Real Estate Partners 4030 Boy Scout Blvd Tampa, FL 33407 Phone: 813/882-8700 Website: www.greystar.com Greystar Real Estate Partners 18 Broad Street, Third Floor Charleston, SC 29401 Phone: 843-579-9400 Website: www.greystar.com