OFFERING MEMORANDUMMAISON DE VILLE 707 Greens Road | Houston, TX 77060121 Units | Built 1979 Price: To Be Determined By Market

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TABLE OF CONTENTS

3 EXECUTIVE SUMMARYInvestment HighlightsExclusive Listing

6 PROPERTY ANALYSISProperty SummaryConstructionSchoolsUtilitiesProperty Location OverviewHouston Opportunity Zone Map Aerial ViewAmenitiesRecent Capital ImprovementsProperty Interior Photos

13 FINANCIAL ANALYSISUnit Mix and Rent ScheduleIncome & Expenses

16 COMPARABLE PROPERTIESRent Comparables Summary Rent Comparables MapMarket Rent/ SF Comparison by Unit Type

21 LOCATION OVERVIEWLocation OverviewHouston,TX

25 GREYSTONE NAA OVERVIEWCommitmentHouston Team Transaction HighlightsGreystone ReachGreystone Mortgage LendingGreystone Lending PlatformsGreystone Lending ExpertiseNAA ContactsInformation About Brokerage Services

GREYSTONE NATIONAL APARTMENT ADVISORS makes no warranty or representation about the content of this OFFERING MEMORANDUM.

Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the

property.

EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS

Greystone National Apartment Advisors is pleased to offer Maison De Ville, a 121-unit multifamily opportunity in Houston, Texas.

• Market Rents are significantly lower (approximately $150) than comparable properties.

• Value-add opportunity by upgrading the interiors of the units, which have yet to be renovated.

• Located in an Opportunity Zone, designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged (Source: City of Houston, Texas Website (https://www.houstontx.gov/ecodev/opportunity-zones_concept.html); Buyer is advised to independently verify this information).

• All units have washer dryer connections.

• Owner spent over $500,000 on capital improvements including plumbing repairs, parking lot repairs, HVAC units, Appliances and Club House.

• The property did flood during Hurricane Harvey.

4 MAISON DE VILLE

EXCLUSIVE LISTING

Greystone National Apartment Advisors has been exclusively retained to represent the Seller of Maison De Ville and its disposition. All inquiries about the Property should be made to Jordon Emmott (je@naa-usa.com), Abraham Garza (ag@naa-usa.com) or Shayan Hasnain (sh@naa-usa.com) directly.

TOURS/ INFORMATION REQUESTS

All prospective purchasers should email Shayan Hasnain at sh@naa-usa.com or Lindsay Steszewski at ls@naa-usa.com to schedule a tour. DO NOT contact the Property Management directly.

OFFER REQUIREMENTS

All Offers should be presented in the form of a non-binding Letter of Intent, and must include at a minimum:

1. Pricing2. Earnest Money Deposit (Refundable/Non-Refundable)3. Due Diligence Period4. Closing Period5. Qualifications (Other properties owned, letters of recommendation, verification of

funds, etc.)

MAISON DE VILLE 5

PROPERTY ANALYSIS

PROPERTY SUMMARY

Address: 707 Greens Road

Houston, TX 77060

Number of Units: 121

Total Rentable SF: 92,400

Year Built/ Renovated: 1979

Stories: 2

Avg Unit SF: 764

Lot Size: 3.67 AC

Density: 32.97 / Units/AC

Market Rent/Unit: $696

Market Rent/SF: $0.91

Parking Spaces: 172

CONSTRUCTION

Style: Garden-Style

Foundation: Concrete Slab

Framing: Wood

Exterior: Brick/ Wood Siding

Roof: Pitched

Paving: Asphalt/Concrete

HVAC: Individual

Hot Water: Central Domestic Hot Water -Gas

SCHOOLS

School District: Aldine I.S.D.

Elementary: Greenspoint

Intermediate: Lewis

Senior High: Davis

UTILITIES

Electric: Resident

Water & Sewer: Landlord

Gas: Landlord

MAISON DE VILLE 7

The The WoodlandsWoodlands

SpringSpring

GEORGE BUSH GEORGE BUSH INTERNATIONALINTERNATIONAL

AIRPORT AIRPORT

MAISON DE VILLE APARTMENTS

HOUSTON, TX 77060

HumbleHumble

Mercer Mercer Botanic Botanic GardensGardens

Spring CreekSpring CreekGreenwayGreenway

PROPERTY LOCATION OVERVIEW

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MAISON DE VILLEHOUSTON, TX 77060

HOUSTON OPPORTUNITY ZONE MAP

MAISON DE VILLE 9

AERIAL VIEW

Greens RdGreens Rd

Imperial V

alley Dr

Imperial V

alley Dr

10 MAISON DE VILLE

*In Select UnItS

AMENITIES

INTERIOR AMENITIES

■ Washer/Dryer Connection ■ High-Speed Internet Access ■ Ceiling Fans ■ Storage Units ■ Fireplace* ■ Dishwasher ■ Disposal ■ Oven ■ Refrigerator ■ Carpet ■ Vaulted Ceiling* ■ Walk-In Closets ■ Window Coverings

COMMUNITY AMENITIES

■ Controlled Access ■ Clubhouse ■ Playground ■ Private Balcony/ Patio ■ Two Laundry Facilities ■ Parking Type - Grade Level ■ Smoke Free ■ Storage Units ■ Semi-Private Entry

RECENT CAPITAL IMPROVEMENTS (IN EXCESS OF $500,000)

■ Installed Metal Security Fence around perimeter of Property

■ Installed Security Cameras with 2 DVRs Recording 24/7

■ Installed new Street Corner Sign; Installation of Street Billboard Sign in progress

■ Repainted entire Property outside the Wall, Patio, Hallway and Staircase

■ Repaired all Potholes and repaved all Driveways and Parking Lots

■ Installed Metal Security Gate for theOffice

■ Remodeled 2 Laundromats ■ Repaired and upgraded all Electrical

Wiring ■ Repaired all Plumbing Issues ■ Replaced many HVAC units and

Appliances with new ones ■ Resurfaced Countertops for half of the

units ■ Removed a BBQ Rest Area and

converted it into a Parking Lot ■ Converted Club House into Rental Unit ■ Repaired all Roof Leaks and Patios ■ Completed all Code required repairs

and have all Valid Certificates

MAISON DE VILLE 11

PROPERTY INTERIOR PHOTOS

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FINANCIAL ANALYSIS

Source: September 2019 Rent Roll

UNIT MIX AND RENT SCHEDULE

UNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS

1 Bedroom/ 1 Bath 2 525 $550 $1.05 1.65%

1 Bedroom/ 1 Bath 2 525 $570 $1.09 1.65%

1 Bedroom/ 1 Bath 3 525 $585 $1.11 2.48%

1 Bedroom/ 1 Bath 11 600 $585 $0.98 9.09%

1 Bedroom/ 1 Bath 9 600 $595 $0.99 7.44%

1 Bedroom/ 1 Bath 2 600 $600 $1.00 1.65%

1 Bedroom/ 1 Bath 4 600 $610 $1.02 3.31%

1 Bedroom/ 1 Bath 14 650 $600 $0.92 11.57%

1 Bedroom/ 1 Bath 17 650 $615 $0.95 14.05%

1 Bedroom/ 1 Bath 2 650 $630 $0.97 1.65%

2 Bedrooms/ 2 Baths 10 925 $755 $0.82 8.26%

2 Bedrooms/ 2 Baths 2 925 $780 $0.84 1.65%

2 Bedrooms/ 2 Baths 8 925 $785 $0.85 6.61%

2 Bedrooms/ 2 Baths 3 925 $810 $0.88 2.48%

2 Bedrooms/ 2 Baths 14 950 $825 $0.87 11.57%

2 Bedrooms/ 2 Baths 18 950 $850 $0.89 14.88%

TOTALS 121 764 $696 $0.91 100%

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INCOME & EXPENSESACTUALS* PRO FORMA

INCOME ANNUAL MONTHLY ANNUAL MONTHLY

GROSS POTENTIAL RENT $1,010,340 $84,195 $1,010,340 $84,195

Projected Increase in Market Rents - - 217,800 21.6% 18,150

Loss/Gain to Lease (73,401) (6,117) (24,563) 2.00% (2,047)

ADJ. GROSS POTENTIAL RENT $936,939 $78,078 $1,203,577 $100,298

Vacancy Loss (31,013) (2,584) (72,215) 6.00% (6,018)

Concessions (18,739) (1,562) (24,072) 2.00% (2,006)

Bad Debt (9,369) (781) (12,036) 1.00% (1,003)

Employee Units (6,763) (564) - 0.00% -

TOTAL RENTAL INCOME $871,055 $72,588 $1,095,255 $91,271

Other Income - - 84,700 7,058

Utility Reimbursements - - 36,300 3,025

TOTAL OTHER INCOME - - $121,000 $10,083

EFFECTIVE GROSS INCOME $871,055 $72,588 $1,216,255 $101,335

OPERATING EXPENSES PER UNIT PER UNIT

Payroll & Benefits 140,859 1,200 145,200 1,200

General & Administrative 18,553 250 24,200 200

Repairs & Maintenance 64,979 450 60,500 500

Contract Services 53,106 300 30,250 250

Advertising & Promotion 1,737 100 12,100 100

CONTROLLABLE EXPENSES $279,234 $2,300 $272,250 $2,250

Utilities 125,203 1,035 125,203 1,035

Insurance 29,029 240 66,550 550

Management Fee - - 36,488 3.00% 302

Property Taxes 66,329 548 143,120 1,183

OPERATING EXPENSES ($499,796) ($4,131) ($643,611) ($5,319)

Replacement Reserves $36,300 $300 36,300 300

TOTAL OPERATING EXPENSES ($536,096) ($4,431) ($679,911) ($5,619)

NET OPERATING INCOME/MONTH $334,959 $27,913 $536,344 $44,695

TAX INFORMATION

2019 TAX RATE 2.934588%

Account # 1088240000011

2019 Tax Value

Land $559,101

Improvements $1,989,774

TOTAL VALUE* $2,548,875

INCOME & EXPENSES NOTES1. Gross Potential Rent is per the

September 2019 Rent Roll. We have included a $150/ increase in Market Rents (assuming a $4,500/unit Renovation), to get the Property’s rent in line with comparables.

2. Other Income and Utility Reimbursements are $700/unit and $300/ uniit.

3. Pro Forma Taxes shown are the 70% of Estimated Strike at the 2019 Tax Rate of 2.934588%.

4. Management Fee is 3.50% of Effective Gross Income.

5. Replacement reserves are estimated to be $300 per unit and do not reflect actual capital expenditures.

Disclaimer: The Pro Forma is delivered only as an accommodation and neither Seller, Greystone National Apartment Advisors nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such proforma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the Pro Forma.

*ACTUALS ARE T1 INCOME, T12 OTHER INCOME, CONTROLLABLE EXPENSES HAVE BEEN ADJUSTED TO MARKET, OPERATING EXPENSES ARE T12

ECONOMIC OCCUPANCY 86.21% ECONOMIC OCCUPANCY 89.18%

UNIT MIX AND RENT SCHEDULE

UNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS

1 Bedroom/ 1 Bath 2 525 $550 $1.05 1.65%

1 Bedroom/ 1 Bath 2 525 $570 $1.09 1.65%

1 Bedroom/ 1 Bath 3 525 $585 $1.11 2.48%

1 Bedroom/ 1 Bath 11 600 $585 $0.98 9.09%

1 Bedroom/ 1 Bath 9 600 $595 $0.99 7.44%

1 Bedroom/ 1 Bath 2 600 $600 $1.00 1.65%

1 Bedroom/ 1 Bath 4 600 $610 $1.02 3.31%

1 Bedroom/ 1 Bath 14 650 $600 $0.92 11.57%

1 Bedroom/ 1 Bath 17 650 $615 $0.95 14.05%

1 Bedroom/ 1 Bath 2 650 $630 $0.97 1.65%

2 Bedrooms/ 2 Baths 10 925 $755 $0.82 8.26%

2 Bedrooms/ 2 Baths 2 925 $780 $0.84 1.65%

2 Bedrooms/ 2 Baths 8 925 $785 $0.85 6.61%

2 Bedrooms/ 2 Baths 3 925 $810 $0.88 2.48%

2 Bedrooms/ 2 Baths 14 950 $825 $0.87 11.57%

2 Bedrooms/ 2 Baths 18 950 $850 $0.89 14.88%

TOTALS 121 764 $696 $0.91 100%

MAISON DE VILLE 15

COMPARABLE PROPERTIES

RENT COMPARABLES SUMMARY

PROPERTY ADDRESS YEAR BUILT# OF

UNITSOCCUPANCY AVG SF/

UNITMARKET RENT/

UNITMARKET RENT/

SF

MAISON DE VILLE707 Greens RoadHouston, TX 77060

1979 121 96.69% 764 SF $696 $0.91

1. GREENBRIAR PARK818 Richcrest DriveHouston, TX 77060

1983 400 99.0% 750 SF $765 $1.02

2. NORTHPOINT SQUARE220 Northpoint DriveHouston, TX 77060

1977 292 93.8% 778 SF $1,010 $1.30

3. PROVINCE ON THE PARK 407 Greens RoadHouston, TX 77060

1982 124 89.5% 770 SF $828 $1.07

4. ROYALE DE VILLE717 Richcrest DriveHouston, TX 77060

1983 120 95.0% 795 SF $779 $0.98

COMPS TOTALS/AVERAGES 1981 218 94.04% 773 SF $846 $1.09

1

2

3

4

Source: Yardi Matrix (November 2019)

MAISON DE VILLE 17

RENT COMPARABLES MAP

2

ROYAL DE VILLE

4PROVINCE ON THE PARK

1

3

GREENBRIAR PARK NORTH

NORTHPOINT SQUARE

MAISON DE VILLE

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PROPERTY UNIT TYPEYEAR BUILT

# OF UNITS

% OF UNITS UNIT SFMARKET

RENTMARKET RENT / SF

Maison De Ville One Bed/ One Bath 1979 4 10.00% 525 $572.00 $1.09

Greenbriar Park One Bed/ One Bath 1983 24 54.73% 573 $649.00 $1.13

Province on the Park One Bed/ One Bath 1982 26 40.00% 588 $653.00 $1.11

Maison De Ville One Bed/ One Bath 1979 28 26.67% 600 $594.00 $0.99

Royale De Ville One Bed/ One Bath 1983 24 26.58% 600 $610.00 $1.02

Greenbriar Park One Bed/ One Bath 1983 40 18.18% 632 $687.00 $1.09

Greenbriar Park One Bed/ One Bath 1983 56 67.74% 636 $711.00 $1.12

Province on the Park One Bed/ One Bath 1982 32 21.52% 638 $772.00 $1.21

Maison De Ville One Bed/ One Bath 1979 32 21.21% 650 $611.00 $0.94

Royale De Ville One Bed/ One Bath 1983 24 34.18% 650 $700.00 $1.08

Greenbriar Park One Bed/ One Bath 1983 64 14.49% 660 $715.00 $1.08

Greenbriar Park One Bed/ One Bath 1983 44 45.45% 712 $736.00 $1.03

ONE BED COMP AVERAGES: 1983 37 13.4% 632 $692.56 $1.10

MARKET RENT/ SF COMPARISON BY UNIT TYPE

PROPERTY UNIT TYPEYEAR BUILT

# OF UNITS

% OF UNITS UNIT SFMARKET

RENTMARKET RENT / SF

Greenbriar Park Two Bedroom/Two Bath 1983 40 10.0% 843 $805.00 $0.95

Northpoint Square Two Bedroom/Two Bath 1977 100 34.2% 880 $1,176.00 $1.34

Greenbriar Park Two Bedroom/Two Bath 1983 48 12.0% 882 $834.00 $0.95

Greenbriar Park Two Bedroom/Two Bath 1983 64 16.0% 895 $855.00 $0.96

Royale De Ville Two Bedroom/Two Bath 1983 48 40.0% 895 $868.00 $0.97

Province on the Park Two Bedroom/Two Bath 1982 28 22.6% 900 $922.00 $1.02

Greenbriar Park Two Bedroom/Two Bath 1983 20 5.0% 925 $899.00 $0.97

Maison De Ville Two Bedroom/Two Bath 1979 24 19.8% 925 $777.00 $0.84

Province on the Park Two Bedroom/Two Bath 1982 28 22.6% 925 $944.00 $1.02

Royale De Ville Two Bedroom/Two Bath 1983 24 20.0% 937 $850.00 $0.91

Maison De Ville Two Bedroom/Two Bath 1979 32 26.4% 950 $836.00 $0.88

TWO BED COMP AVERAGES: 1982 44 20.3% 898 $905 $1.01

MAISON DE VILLE 19

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LOCATION OVERVIEW

Kemah Boardwalk

LOCATION OVERVIEW

Maison De Ville is conveniently located in the heart of North Houston on Greens Road, less than 2 miles east of Interstate 45, 1mile north of the Sam Houston Tollway (Beltway 8), 1 mile west of the Hardy Toll Road, and just over 7 miles west of Interstate 69, the majority of Houston’s major thoroughfares. The property’s location provides easy access to schools, dining, shopping, and major employment hubs throughout the metro area. Greenspoint Elementary is 0.8 miles from the Property, Lewis Middle School 5.4 miles from the Property and Davis High School is 2.9 miles away.

DEMOGRAPHICS

■ Maison De Ville benefits from a population draw of 92,162 residents within a three-mile radius of the property, and the median age of those residents is 33. Population is expected to grow to 99,696 (8.17%) in the next 5 years.

■ The median household income is $33,565 within a three-mile radius of the subject, and the average persons per household is 3.17.

■ 30.9% of the people in the area make more than $50,000/ year.

■ The population median age is 27 years old.

■ The population density is 3,748 per square mile.

BUSINESS

Pinto Business Park – Less than 3 miles to the southwest lies Pinto Business Park, a 971-acre Industrial Park, which accommodates up to 7,000,000 square feet of build-to-suit and user-owned distribution, light manufacturing and corporate campus space. It is the largest, fully entitled, contiguous tract of land located inside Beltway 8 and outside the 500-year floodplain. Major tenants include HD Supply Facilities Maintenance, Red Bull, Cambria, Cisco, Alfa Laval and Grocers Supply Co.

Exxon Mobil – Situated approximately 13 miles to the north lies Exxon Mobil’s state-of-the-art campus that is home to its Upstream, Downstream and Chemcials companies and associated service groups. The campus is located on 385 wooded acres, directly north of Springwoods Village Parkway. Located to the northwest of the intersection of I-45 and the Hardy Toll Road, the campus is approximately 25 miles from downtown Houston. Designed to accommodate 10,000 employees, the campus design incorporates extensive research into best practices in workplace design and benchmarking from the world’s top facilities.

SHOPPING AND DINING

Willowbrook Mall – 10 miles to the swest sits Willowbrook Mall, an enclosed regional mall at the intersection of Texas State Highway 249 and FM 1960. The mall has 6 anchor stores: Dick’s Sporting Goods, Dillard’s, J.C. Penney, Norstrom Rack and Sears. There are 2 Full Service restaurants, Bar Louie and Los Cucos Mexican Cafe Additionally, there are 9 Quick Service restaurants, which include Charleys Philly Steaks, Chick-fil-A, Subway and Taco Bell.

Woodlands Mall – Quickly accessible via Interstate 45 North, the Woodlands Mall is 17 miles from Maison De Ville. A preimer fashion center in north Houston, the mall consists of over 180 stores, with Nordstrom, Dillard’s, Macy’s and J.C. Penney serving as the mall’s anchors. The mall also has 6 Full Service restaurants, including The Cheesecake Factory, Brio, P.F. Chang’s and Fleming’s Prime Steakhouse and Bar. There are also 12 Quick Service restaurants, which include Chick-fil-A, Panera Bread, Sonic and Wendy’s.

MAISON DE VILLE 21

Woodlands Market Street – An award-winning mixed-use town center featuring retail, restaurant, cinema, office and hotel in one of the nation’s top master-planned communities, The Woodlands, TX. Luxury additions such as Tiffany & Co., Kate Spade, Club Monaco, Tory Burch, Suit Supply and the 70-room boutique Hyatt Centric hotel make Market Street a premier shopping, dining and entertainment destination.

ENTERTAINMENT

The Cynthia Woods Mitchell Pavillion – 17 miles to the north via Interstate 45, the 16,500 seating capacity amphitheatre is the second-most heavily used amphitheatre in the world. The Pavillion hosts between 50 and 65 events every March through December. The venue is the Summer Home of the Houston Symphony, the Home Away from Home of the Houston Ballet, and a presenting venue for the Houston Grand Opera and Texas Music Festival Orchestra. The Pavillion also hosts a wide array of contemporary national and international touring acts.

Spring Creek Greenway Nature Center – Located 12 miles north of Maison De Ville, The Spring Creek Greenway Nature Center is an 11,000 square-foot facility on an 11-acre site that contains a nature center, community center, the Sheriff’s Patrol District II Office, pavilion with restrooms, and nature trails.. They offer programs and events for all ages that focus on the local plants and animals of the Spring Creek watershed.

Hurricane Harbor Splashtown - Six Flags Hurricane Harbor Splashtown is located less than 10 miles to the north of Maison De Ville. There are 18 rides, which include a half-million gallon Wild Wave Pool, and rides such as Alien Chaser, which takes riders through dark tunnels and massive saucers, the Tornado, a ProSlide Tornado involving a tube that fits four people that makes 360’s around a blue-and-yellow checkerboard “tornado”, the Texas Freefall, the park’s flagship ride, the Brain Drain, twin looping slides that sit side to side. Enter in the enclosed capsule and the floor inside the capsule drops, sending the rider down the slide and into a pool below and 12 other rides. The park also features Wet’n’Wild Jr., a children’s area featuring smaller versions of the park’s slides. There are also 8 eateries at the park, including Dippin’ Dots, Fajita Tent and Paradise Grill to name a few. The park operates from May to September every year.

HEALTH CARE

Houston Northwest Medical Center – One of the largest and most comprehensive medical facilities in the Houston area. With a medical staff of approximately 600 members, the Houston Northwest Medical Center offers a wide range of inpatient, outpatient and diagnostic imaging services, including a 49-bed emergency department with Level II Trauma capabilities, The Bryan Inpatient Rehabilitation Center, The Breast Center, Laboratory testing, The Center for Digestive Medicine, ICU, Designated Level III NICU, a Sleep Center and Sports medicine care. The hospital also features an advanced imaging center, which supports all of the above.

Spring Creek Greenway Nature Center

22 MAISON DE VILLE

MAISON DE VILLE 23

EDUCATION

Lone Star College (LSC) - Lone Star College is currently comprised of 6 campuses, with a combined enrollment in excess of 100,000 credit and 19,000 non-credit students(as of Fall 2018). The Greenspoint (2 miles) and North Harris (5 miles) campuses are the closest to Maison De Ville. LSC offers the following Programs of Study: Arts, Humanities, Communication & Design, Business & Professional Services, Computer/ Digital Technology, Energy, Manufacturing & Construction, Engineering, Mathematics & Sciences, Health Sciences, Public Safety & Human/ Consumer Services and Social/ Behavioral Sciences & Education. Lone Star College adds nearly $3 billion to the Houston economy with higher student incomes and increased business productivity. LSC expands the Texas tax base by approximately $627.8 million each year by increasing state income and business productivity.

AIRPORT

George Bush Intercontinental Airport (IAH) – As Houston’s largest airport, IAH is located 6 miles east of the property and currently ranks fifth among U.S. airports in passenger volume. It is the 15th busiest airport in North America, based on flight operations according to ACI-NA. IAH offers daily scheduled non-stop domestic and international services to over 180+ destinations, including more than 65 direct and nonstop international destinations. IAH offers service to more Mexican destinations than any other airport in the United States. IAH supports 170,000 local jobs and contributes more than $22 billion to the local economy.

Lone Star College

Six Flags Hurricane Harbor

24 MAISON DE VILLE

HOUSTON, TX

Houston is the most populous city in Texas and the fourth-most populous city in the United States, with an estimated population of over 2.3 million people within a land area of 600 square miles. It is the largest city in the southern United States and the seat of Harris County. Located in Southeast Texas near the Gulf of Mexico, it is the principal city of the Greater Houston metro area, or the Houston–The Woodlands–Sugar Land Metropolitan Statistical Area (MSA). The MSA is the fifth-most populous metro area in the U.S., encompassing nine counties along the Gulf Coast of Texas. Houston has historically been among the fastest-growing metropolitan areas in the United States. In 2017, the Houston metro ranked as the second-fastest growing metro area in the U.S., behind Dallas. From 2010 – 2018, the Houston metro population increased 19.1%, or 2.4% annually on average, from 5,2240,416 residents to an estimated 7,052,251 people.

Houston is considered to be a global city, and its economy is one of the largest in the world. If Houston were a nation, it would be the 24th-largest economy in the world and is currently the seventh-largest economy in the U.S. in terms of GDP. Houston’s economy has a broad base in energy, business, technology, international trade, manufacturing, aeronautics, transportation, education, medicine, and research. Houston is known as the Energy Capital of the World, owing to its preeminent cluster of energy-related companies that are headquartered in the city. Nicknamed the “Space City”, Houston is also home to the NASA Lyndon B. Johnson Space Center as well as the nation’s largest U.S. export port – Port Houston. The port is a vital economic component for the region and nation, supporting nearly 3.2 million jobs nationwide, with an economic impact of $265 billion statewide and more than $800 billion nationally. In addition, there are 20 Fortune 500 companies that call Houston home, helping to support the more than 3 million jobs locally.

CITY OF HOUSTON LARGEST EMPLOYERS

EMPLOYER EMPLOYEES

WalmartWalmart 37,00037,000

Memorial Hermann Health SystemMemorial Hermann Health System 24,10824,108

H-E-BH-E-B 23,73223,732

Univ. of Texas MD Anderson Cancer CenterUniv. of Texas MD Anderson Cancer Center 21,08621,086

McDonald's CorpMcDonald's Corp 20,91820,918

Houston MethodistHouston Methodist 20,00020,000

KrogerKroger 16,00016,000

United AirlinesUnited Airlines 14,94114,941

SchlumbergerSchlumberger 12,06912,069

Shell Oil Co. Shell Oil Co. 11,50711,507

Sources: Greystone Research, US Census Bureau, US Bureau of Labor, Wikipedia, CoStar

Analytics, Yardi, Apartment Data Services, Google Maps, City of Houston, Houston Association

of Realtors, Houston Chamber of Commerce, Houston Economic Partnership, George Bush

Intercontinental Airport, Wikipedia, Fly2Houston.com

MAISON DE VILLE 25

GREYSTONE NAA OVERVIEW

26 MAISON DE VILLE

GREYSTONE REA SERVICES

■ Acquisition and disposition recommendations ■ Individual property and portfolio sales ■ Existing, new construction, and pre-sale analysis ■ Investment strategy and debt structuring ■ Investigating / analyzing partnership structures ■ Asset repositioning feasibility analysis ■ Local, regional, and national market trends

CAPITAL SOLUTIONS

■ Access to an array of lending platforms including Fannie Mae, Freddie Mac, FHA, USDA and more

■ Debt restructuring ■ Bridge and mezzanine lending ■ New construction / rehabilitation loans

GREYSTONE NAA

COMMITMENTGreystone NAA is committed to the highest standards of excellence. We have a systematic and solution-driven advisory process that is customized to the specific needs of each client. We quantify and manage risk, identify opportunities and anticipate trends that lead to rewarding client decisions.

WHAT WE DO

Greystone NAA delivers customized sales advisory and capital solutions, along with timely market information necessary for informed decisions. Private owners / operators, REITS, institutions, advisory firms, and developers have relied on our resources and market expertise for guidance. We provide a proven execution and delivery platform through our seamless continuum of investment sales services. We are involved throughout the entire sales decision-making process by recommending and presenting options that fit the needs and objectives of our clients. In 2017, the Greystone Real Estate Advisors team arranged $1.4 billion in sales.

MAISON DE VILLE 27

HOUSTON TEAM TRANSACTION HIGHLIGHTS

510 Units

168 Units

259 Units

200 Units

171 Units

234 Units

128 Units

312 Units

146 Units

240 Units

114 Units

216 Units

CITY WESTHouston, TX

WATERSTONE PLACEStafford, TX

LAGUNA AZULBaytown, TX

3101 PLACE APARTMENTSRosenberg, TX

RESIDENCES 2727Houston, TX

TIERRA BELLAHouston, TX

TRADE WINDSTexas City, TX

MOUNTAIN VALLEYDallas, TX

BAY OAKSBaytown, TX

SAGO PALMSHouston, TX

PINE RIDGEArlington, TX

PLAZA AZULHouston, TX

28 MAISON DE VILLE

GREYSTONE - BEYOND INVESTMENT SALES - REAL ESTATE LENDING, INVESTMENT & ADVISORY

Greystone NAA is part of the Greystone* family, a real estate lending, investment and advisory firm headquartered in New York City with a presence in 37 states, offices in 23 states, and approximately 5,500 employees. Greystone offers you a one-stop-shop for multifamily investment sales and lending. Your dedicated Advisor will help you navigate the specific services and solutions to meet your portfolio goals.

GREYSTONE REACH

Greystone, a single point of contact for your multifamily lending, investment and sales advisory needs

* References to the term “Greystone” refer to Greystone & Co., Inc. and/or its affiliated companies as applicable.

GREYSTONE* HIGHLIGHTS

$10.2B Multifamily, Healthcare & Commercial Loans Originated in 2018

$32B Loan Servicing Portfolio

$36B Assets Owned and Managed

$2.3B Multifamily Sales in 2018

$2B Purchased, Redeveloped or Repositioned Real Estate, Including Apartments, Condominiums, Skilled Nursing Facilities & Commercial Space

#1 FHA Multifamily Lender

TOP 10 Fannie Mae and Freddie Mac, Including Top Multifamily Small Loans Lender

8,113 Multifamily Units Owned or Managed in Multiple States

MAISON DE VILLE 29

* References to the term “Greystone” refer to Greystone & Co., Inc. and/or its affiliated companies as applicable.

GREYSTONE MORTGAGE LENDING

With 30 years of real estate lending as its core business, Greystone brings expertise, knowledge and creativity to the loan process. We have continuously expanded our capabilities to become a full service multifamily housing lender.

Our national team of professionals has built strong, collaborative relationships with Fannie Mae, Freddie Mac and the US Department of Housing and Urban Development, enabling us to move quickly to help you achieve your financing needs and avoid costly delays.

We aspire to strengthen and add value to your business, and look forward to providing you with out-of-the-box and creative solutions for your financing needs - no matter the size of the transaction. Greystone’s capital markets expertise enables us to deliver competitive pricing and superior execution, getting you outstanding results.

GREYSTONE LENDING HIGHLIGHTS

■ Greystone is the largest FHA multifamily lender ■ We have consistently been in the top 12 Fannie Mae DUS ® lenders

for over10 years ■ We are the largest buyer of troubled / defaulted FHA insured

multifamily loans in the United States, having restructured more than $3.2 billion of loans

■ Standard & Poor’s ranks us in their highest category as a commercial loan servicer

■ We are a buyer of FHA insured loans, AAA rated municipal bonds and other debt securities for our own account

2018 #3FANNIE MAE MULTIFAMILY

SMALL LOAN LENDER

2018 #1FREDDIE MAC MULTIFAMILY

SMALL LOAN LENDER

MORE THAN

$1.3 BILLIONMULTIFAMILY SMALL

LOANS CLOSED IN 2017

30 MAISON DE VILLE

GREYSTONE LENDING PLATFORMS

FHA Greystone is the leading FHA multifamily lender and a recognized expert in FHA mortgage insurance. Our professionals are proficient in FHA multifamily and healthcare mortgage insurance programs — from refinancing and new construction loans to modifying existing loans. Greystone continuously discovers innovative and creative solutions to better serve our customers. Our team of professionals across the US constantly stays abreast of FHA guidelines, which results in extensive knowledge of multifamily housing and a strong relationship with HUD. Our unparalleled creativity has led to Greystone’s dominant position handling the majority of the FHA workouts, further strengthening our relationship with HUD.

FANNIE MAE Greystone has been a Fannie Mae lender for more than 20 years, delivering acquisition and refinancing loans for multifamily housing projects of all sizes across the country, including tax-exempt and taxable transactions. Our streamlined Fannie Mae Delegated Underwriting and Servicing (DUS®) loan platform allows us to simplify the loan process for you and enables us to provide a high level of personal service. Greystone has received outstanding production awards for Affordable Housing, Seniors Housing, and Small Balance loans. We have consistently been a Top 12 lender for the last 10 years.

FREDDIE MAC Greystone provides Freddie Mac’s full suite of multifamily financing products including Program Plus®, Targeted Affordable Housing, and Small Balance loans. Greystone has been a top Small Balance loan lender since this product was introduced.

INTERIM LENDING Greystone provides crucial interim financing to help you prepare and reposition properties to qualify for Fannie Mae, Freddie Mac, FHA or other long-term loans. Our bridge and permanent loan teams design creative and integrated finance programs that give you the short-term funding that you need to move your project forward, always keeping your long-term financial objectives in mind. Greystone has also expanded its special situation lending efforts, including mezzanine lending, second mortgage loans and sponsor loans.

CMBS LENDING Greystone offers a Commercial Mortgage Backed Securities lending platform in addition to our other permanent loan product offerings. Greystone’s CMBS platform offers fixed rate financing of multifamily, retail, office, hotel, industrial and self-storage properties. Loans range from a minimum of $5 million to no set maximum. CMBS loans, depending on market, property characteristics and client preferences, offer an attractive alternative to agency loan products.

LOAN SERVICING Greystone services and provides asset management for a $26.3 billion-dollar portfolio of real estate loans for Fannie Mae, Freddie Mac, GNMA, private investors, public agencies, and our own portfolios. Our professionals specialize in managing the distinctive needs of multifamily and healthcare facility loans, and are dedicated to providing the highest level of personal attention and skilled support to borrowers and investors. Greystone is ranked “strong” by Standard & Poor’s and as one of its Select Servicers.

MAISON DE VILLE 31

AFFORDABLE HOUSING

Greystone offers a broad variety of loan products — both taxable and tax-exempt — to facilitate the construction, acquisition, rehabilitation and repositioning of affordable multifamily housing across the country. We provide financing for affordable transactions that qualify for Fannie Mae, Freddie Mac and FHA programs. With a dedicated platform of experienced affordable housing professionals, Greystone can find the right solution for your affordable housing financing needs.

GINNIE MAE

Greystone’s knowledge of the securities market allows us to commit our capital for the purchase and sale of FHA-insured mortgages, Fannie Mae and Ginnie Mae mortgage-backed securities, and tax-exempt municipal bonds.

SMALL BALANCE LOANS

Greystone has been in the small loan business for over 10 years. We have been Fannie Mae’s leading small loan lender for the past several years and Freddie Mac’s small balance lender leader since they launched their offering tailored to this market. We have a dedicated team focused on the national small loan market, which ranges from $1M - $7.5M, meaning your small loan remains a priority.

Real estate lending has been Greystone’s core business for almost three decades. From our roots as a workout specialist for distressed FHA loans, we have continuously expanded our capabilities to become a full-service multifamily housing and healthcare facility lender. We are an all-round multifamily and healthcare lender, but we have specific teams with deep expertise in:

GREYSTONE LENDING EXPERTISE

32 MAISON DE VILLE

CONFIDENTIALITY & CONDITIONS

All materials and information received or derived from Greystone National Apartment Advisors its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Greystone National Apartment Advisors its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone National Apartment Advisors will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone National Apartment Advisors makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone National Apartment Advisors does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.

All properties and services are marketed by Greystone National Apartment Advisors in compliance with all applicable fair housing and equal opportunity laws.

NAA CONTACTS

JORDON EMMOTTExecutive Managing Partner 713.595.9584 je@naa-usa.com

SHAYAN HASNAIN Executive Managing Partner 713.595.9580 sh@naa-usa.com

RYAN MENDEZ Director 713.595.9587 rm@naa-usa.com

STERLING CURRY Director 713.595.9585 sc@naa-usa.com

CHARLES EMMOTT Associate (Dallas Office) 713.595.9583 ce@naa-usa.com

ABRAHAM GARZA Executive Managing Partner 713.595.9582 ag@naa-usa.com

JAMIE HARRINGTONDirector 713.595.9581 JH@naa-usa.com

RYAN ARMSTRONGDirector 713.595.9586ra@naa-usa.com

PETER KESH Associate (Dallas Office) 713.269.4380 pk@naa-usa.com

CADE KILLINGSWORTHAssociate (Houston Office)713.595.9582ck@naa-usa.

GREYSTONE NAA 5909 W Loop S, Suite 650 Bellaire, TX 77401 www.greycoadvisors.com

11-2

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OFFERING MEMORANDUM

GREYSTONE NAA 5909 W Loop S, Suite 650Houston, TX 77401 www.greycoadvisors.comwww.naa-usa.com

Copyright ©2019 Greystone Real Estate Advisors. All rights Reserved. This information was obtained from sources deemed reliable. Greystone Real Estate Advisors makes no guarantee, warranty or representation regarding this information. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. It is your responsibility to conduct an independent investigation of the property to confirm its accuracy and completeness to your satisfaction. The presence of molds may adversely affect the property and pose serious health risks. If you have questions or concerns regarding this issue, conduct further inspections by a qualified professional. References to the term “Greystone,” “we,” “us,” and “our” refer to Greystone & Co., Inc. and/or its affiliated companies, as applicable. Loan products are offered through Greystone Funding Corporation, Greystone Servicing Corporation, Inc. and/or Greystone affiliated companies. For more information please visit our website www.greyco.com or contact information@greyco.com

MAISON DE VILLE 707 Greens Road | Houston, TX 77060121 Units | Built 1979 Price: To Be Determined By Market