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Avesta Communities | 5118 N 56th St. Tampa, FL 33610 Phone (813) 444-1561 | Fax (855) 283-7829

2014 Q2 Investment Report <<Account_Name>> <<Fund_Start>><<Fund_Name>>


Investment Summary Highlights <<Fund_Start>><<Fund_Name>> Highlight: <<Fund_Investment_Highlight>>

Partnership Capital Statement Property Name(s)

Investment <<Fund_Start>> <<Fund_Name> >

<<Fund_Prop erty_Name> >

Status

Date Purchased

Capital Contribution

<<Fund_Status>>

<<Fund_Acquisiti on_Date>>

<<Fund_Capital _Contribution> >

Preferred Return <<Fund_Pr eferred_R eturn>>

Total Distributions <<Fund_Total_ Distributions>>

Investment

Distributed Preferred Return

Unpaid Accrued Preferred

Distributed Return of Capital

Remaining Capital Balance

Distributed Profit Share

<<Fund_Start>> <<Fund_Name> >

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<<Fund_Distrubuted _Return_of_Capital> >

<<Fund_Remaining _Principal_Balance >>

<<Fund_Distribut ed_Profit_Share> >

Return Metrics Investment

Total Investment

Unlevered Yield (T12)

<<Fund_Start>><<Fu nd_Name>>

<<Fund_Total_Inv estment>>

<<Fund_Unlevere d_Yield>>

Market Value1 <<Fund_Market _Value>>

1

Net IRR <<Fund_Net _IRR>>

Net Equity Multiple1 <<Fund_Net_Equity _Multiple>>

1 Returns and market value are based on acquisition projections for the first

12 months. Thereafter, assets are marked to market quarterly inaccordance with Avestaâ&#x20AC;&#x2122;s valuation policy.


[INVESTMENT] Performance Review Commentary The project is ahead of schedule and within budget. We have renovated 35 of the community's325 units, versus pro forma projection of 27, maintaining occupancy above 92% despite renovating over 10% of the units on the property, and currently stands at 93.5%. Rent rates are 4% ahead of projections for the month of April ($226,000 versus $217,000), and operating expenses are expected to remain in line with projections. Avesta has staffed Agave Falls with its strongest Community Manager in Austin, who previously co-managed an 850-unit Avesta property 3 miles from Agave Falls. All new leased units are achieving at or above stabilized pro forma rent projections and attracting a higher quality resident demographic. Capital expenditures are on schedule and within budget. Major exterior landscaping, dog park, and pool upgrades including new furniture are complete. We expect to finish the nature trail along the now-excavated creek running down the back of the property in the next 2 weeks. Leasing and business center experienced water damage from a pipe that broke on a Sunday evening when no staff were on site. This damage will add an additional $20k cost, which will be taken out of $100k reserves set aside for such contingencies or cost overruns.

Investment Capitalization Equity Investment <<Fund_Total_Inve stment>>

Preferred Return Rate <<Fund_Preferr ed_Return>>

First Mortgage Amount

Outstanding Principal

Rate

Term

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Property Name Location Units Acquisition Date Total Capitalization Fair Market Value Year Built

Amortization

<if applicable>


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